Dr. Youssef Boutros Ghali, the Minister of Finance issued the governing rules for the tax accounting for the free zones projects that have been abolished by the Law no. 114 for 2008 from projects that...

Dr. Youssef Boutros Ghali, the Minister of Finance issued the governing rules for the tax accounting for the free zones projects that have been abolished by the Law no. 114 for 2008 from projects that work in the iron and the manufacturing of fertilizers and oil, which was based on the date of the law in May 5, 2008 to facilitate them at the tax returns for the first time for the taxation period subjected to the tax.   The minister assured that the rules included the non-eligibility of projects licensed in the deportation of Canceler losses accounting for the fiscal year ending 31/12/2007 for prior years or the fiscal year that ended before May 5, 2008 with the deportation of the eligibility of tax losses derived from the period or periods starting from 5 May 2008 and expiring at a later date.   Dr. Ghali added that the rules also included the non-eligibility of the free zones projects which its licenses are cancelled whether completed or not completed to enjoy the tax exemption contained in article 16 of the Law on Investment Guarantees and Incentives No. 8 for the year 1997 due to the cancellation under the Income Tax Act 91 of 2005 on June 10, 2005.   (Source: Al-Gomhuriya)