{"id":3425,"date":"2022-10-22T01:50:45","date_gmt":"2022-10-22T01:50:45","guid":{"rendered":"https:\/\/riad-riad.com\/?p=3425"},"modified":"2022-10-22T01:51:47","modified_gmt":"2022-10-22T01:51:47","slug":"temporary-real-estate-tax-exemption-for-industrial-projects","status":"publish","type":"post","link":"https:\/\/riad-riad.com\/temporary-real-estate-tax-exemption-for-industrial-projects\/","title":{"rendered":"Temporary Real Estate Tax Exemption for Industrial Projects"},"content":{"rendered":"\n<p>In an endeavor to encourage the localization of the industry, the Cabinet issues new decree granting industrial projects in certain sectors a three-year exemption from the real estate tax imposed by virtue of the Real Estate Tax Law No. 196 of 2008.<\/p>\n\n\n\n<p>The sectors to benefit from the exemption are as following:<\/p>\n\n\n\n<ul><li>Textile and Leather Industries;<\/li><li>Engineering Industry;<\/li><li>Mineral and Metallurgical Industries;<\/li><li>Wood and Furniture Industry;<\/li><li>Paper, Printing, and Publication Industries;<\/li><li>Ceramic Industry;<\/li><li>Vehicles Industry;<\/li><li>Building Materials, Porcelain and Pottery, Refractories Industries;<\/li><li>Electrical and Electronic Industries;<\/li><li>Manufacturing Industries;<\/li><li>Steel and Cement Industries;<\/li><li>Chemical, Medical, and Drug Industries;<\/li><li>Food Industry; and<\/li><li>Plant and Animal Production.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Eligibility Criteria<\/strong><\/h4>\n\n\n\n<p>The Decree provides that in order to be eligible for the exemption, the project must be (1) officially registered and properly licensed, and (2) the real property be used in the operation of the project. The Tax Authority issued the internal circular No. 5\/2022 detailing the procedures and documents to be submitted in applying for the exemption. The documents include&nbsp;<em>inter alia&nbsp;<\/em>an industrial register extract, operation licenses, building license and other basic documents.<\/p>\n\n\n\n<p>The Ministry of Finance shall bear the taxes on behalf of the Eligible Institutions for 3 years starting as from 1\/1\/2022 and ends on 31\/12\/2024, without prejudice to Tax Authority\u2019s right to collect previous overdue taxes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In an endeavor to encourage the localization of the industry, the Cabinet issues new decree granting industrial projects in certain sectors a three-year exemption from the real estate tax imposed by virtue of the Real Estate Tax Law No. 196 of 2008. The sectors to benefit from the exemption are as following: Textile and Leather &#8230; <a title=\"Temporary Real Estate Tax Exemption for Industrial Projects\" class=\"read-more\" href=\"https:\/\/riad-riad.com\/temporary-real-estate-tax-exemption-for-industrial-projects\/\" aria-label=\"More on Temporary Real Estate Tax Exemption for Industrial Projects\">Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":3426,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,6],"tags":[133,134,126,42,30],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Temporary Real Estate Tax Exemption for Industrial Projects - riad-riad.com<\/title>\n<meta name=\"description\" content=\"Temporary Real Estate Tax Exemption for Industrial Projects Publications\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/riad-riad.com\/temporary-real-estate-tax-exemption-for-industrial-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Temporary Real Estate Tax Exemption for Industrial Projects - 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