Egypt cancels tax on cement and steel exports

Egypt cancels tax on cement and steel exports
20 October 2008

The state news agency MENA said that the Egyptian government has cancelled the tax on exports of cement and iron and steel products.

It said that “The decision by Trade and Industry Minister Mr Rachid Mohamed Rachid was in response to the possibilities of an international economic slowdown, which would hit Egyptian exports.”

MENA quoted Sayed Abu Qumsan Deputy Trade and Industry Minister as saying that This measure was taken in the framework of the ministry’s efforts to deal with the repercussions of the international financial crisis for exports and Egypt’s balance of trade. If any disturbance in local market conditions takes place, the tax will be re imposed in a way which stabilizes the market.”

Egyptian government imposed the taxes at a time when local and foreign demand for Egyptian cement and steel was pushing up prices and leading to shortages in the local market. The tax on exports of cement stood at EGP 85/t and for steel billets the export duty was EGP 180/t.
Published under Cement News