The Egyptian parliament’s budget and planning committee discussed a draft law to impose a new a financial resource development fee of 10 percent on imported iron a step that will increase the burdens on steel companies and agents and extend their losses.
The new article is designated to impose financial development fee on imported of iron (non–alloy or other alloy steel) as long as it is sold in the local market at 10 percent of the value determined for customs purposes, in addition to the customs tax , value added tax as well as other taxes and fees.
he Chamber of Metallurgical Industries at the Federation of Egyptian Industries (FEI), said that … Tarek Al Gioshy, Chairperson of Al Gioshy Steel.
Tarek Al Gioshy, Al Gioshy Steel chairman and member at Chamber of Metallurgical Industries at the Federation of Egyptian Industries (FEI), said that the new draft law will help in expanding the losses of iron companies and agents, as the iron market is already suffering from a recession and contraction of demand
He also added tax burdens imposed on the companies using iron, whether as a production input or as a final product, will reach 25.5 percent that will lead to more losses and crash the companies’ ability to compete whether in the global or the local market
