The Cabinet has approved new income tax facilities benefiting 10 sectors affected by the ongoing coronavirus (Covid-19) pandemic, Finance Minister Mohamed Moeit said on Sunday.
The new measures allow payment of 2019 income taxes in instalments until 30 June without any charges for delays in payment. Moeit said the instalments will be divided into 20% of the tax due in April, 30% in May, and 50% before the end of June.
The decision covers companies operating in the aviation sector, tourism including restaurants and cafes, hospitality, press and media, and industry, especially export companies.
The decision excludes industrial firms operating in food, pharmaceuticals, medical supplies, detergents, transport, communications, car dealerships, healthcare, contracting, software, and sports.
Moeit said the tax facilities for those companies most affected by the coronavirus and precautionary measures are part of the government’s response to support the economy. The steps have been taken to ensure continued production to fulfil citizen needs and preserving employment in those companies. He also stressed the government’s full commitment to the precautionary and preventive measures to protect labourers, while supporting speed recovery from the repercussions of the global crisis.
