The Ministry of Commerce and Industry held a meeting today with the heads of the export councils to discuss ways of settling the dues of the export subsidy of companies, with the participation of Ahmed Kogak, Deputy Minister of Finance for Policies, Hossam Farid, Advisor to the Minister of Industry and Trade and the Coordinator of Export Councils.

According to a source who participated in the meetings, it was agreed to start implementation of the proposal to settle the dues of companies in the export support and development fund against the tax benefits, adding, "will be settlement between companies and taxes and the deduction of dues in the interest of companies in the condition that the tax amounts are not in dispute.

The source pointed out in statements to "the seventh day" that the implementation of the first phase of the settlement of the old dues of companies will begin on Thursday, that a meeting between companies and officials of the Tax Authority will be coordinated and the start of the implementation of the amounts not subject to tax dispute or judicial .

The source pointed out that each export council will present the list of companies entitled to the dues from export support arrears, and then the companies will meet with representatives of the Export Support Fund and the Tax Authority in preparation for the implementation process.

He pointed out that the implementation of the other proposals for the payment of export support arrears, including the deduction of electricity and gas receivables or the allocation of industrial land will be at a later stage will be agreed between the Export Councils and the Ministry of Commerce and Industry.

It is noteworthy that the Board of Directors of the Export Development Fund approved earlier the framework of the new program to respond to export burdens, which will enter into force at the beginning of next fiscal year and will include the allocation of 40% of the program budget as a monetary support and 30% of settlements with the Ministry of Finance and 30% non-cash support includes Technical, technological and logistic support services such as participation in exhibitions, modernization and development of industrial sectors.

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The Chamber is established by the Republican Decree No. 453 of 1958, which is one of the 20 industrial chambers of the Federation of Egyptian Industries, which includes about 4000 members, by virtue of the establishment decision, it covers the engineering industries sector in Egypt through 10 divisions.

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