{"id":3705,"date":"2024-02-04T18:05:35","date_gmt":"2024-02-04T18:05:35","guid":{"rendered":"https:\/\/riad-riad.com\/?p=3705"},"modified":"2024-02-04T18:52:03","modified_gmt":"2024-02-04T18:52:03","slug":"egypt-releases-new-law-for-green-hydrogen-incentives","status":"publish","type":"post","link":"https:\/\/riad-riad.com\/egypt-releases-new-law-for-green-hydrogen-incentives\/","title":{"rendered":"Egypt Releases New Law for Green Hydrogen Incentives"},"content":{"rendered":"\n
A new law is issued in Egypt under number 2 for 2024 regulating the Incentives for Green Hydrogen Projects and Its Derivatives (the \u201cLaw<\/strong>\u201d). The law comes into force as of 28 January 2024.<\/p>\n\n\n\n The Law defined the green hydrogen projects to include:<\/p>\n\n\n\n The Law will apply to the projects which will sign the project agreements within 5 years following the date in which the law will enter into force or within 7 years for project expansions. The incentives will apply for the whole duration of the project agreements.<\/p>\n\n\n\n The qualified projects will enjoy several monetary and non-monetary incentives as following:<\/p>\n\n\n\n A cash back incentive of not less than 33% and no more than 55% of the paid tax according to the project\u2019s tax reports. This cash back incentive will not be considered as an income for tax purposes.<\/p>\n\n\n\n The Ministry of Finance is committed to paying the cash back within 45 days from the deadline for submitting the tax report. Delay in payment will be subject to a delay fee at the discount rate announced by the Central Bank of Egypt.<\/p>\n\n\n\n The Cabinet of Ministers will issue the necessary decrees to regulate the categories of the incentive and the requirements for benefiting therefrom.<\/p>\n\n\n\n All imports necessary for the development of the green hydrogen project, except passenger cars, will be exempted from VAT.<\/p>\n\n\n\n Exports of green hydrogen projects will be subject to VAT at zero rate.<\/p>\n\n\n\n Upon the approval of the Cabinet, a green hydrogen project will be exempted from the real estate tax applicable on the real properties used for the project. It will also be exempted from stamp duty tax and notarization fees applicable on the registration of the incorporation contract of the project company as well as on facility and pledge agreements.<\/p>\n\n\n\n In addition to the above monetary incentives, a qualified green hydrogen project is entitled to the following regulatory privileges:<\/p>\n\n\n\n In order to be eligible for the above incentives, a green hydrogen project will have to satisfy the following conditions:<\/p>\n\n\n\n A new law is issued in Egypt under number 2 for 2024 regulating the Incentives for Green Hydrogen Projects and Its Derivatives (the \u201cLaw\u201d). The law comes into force as of 28 January 2024. The Law defined the green hydrogen projects to include: The Law will apply to the projects which will sign the project … Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":3719,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,6],"tags":[233,88,271,114,312,59,62,89,80,30],"yoast_head":"\n\n
Monetary Incentives<\/h2>\n\n\n\n
1. Tax Cashback<\/h3>\n\n\n\n
2. VAT Exemption on Imports<\/h3>\n\n\n\n
3. 0% Rate VAT on Exports<\/h3>\n\n\n\n
4. Exemption from other Taxes and Fees<\/h3>\n\n\n\n
Regulatory Incentives<\/h2>\n\n\n\n
\n
Eligibility<\/h2>\n\n\n\n
\n