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Global Energy Advisory - 5th September 2014

Regulations & Compliance

A new real estate law in Egypt will require companies to pay taxes on oil fields. The law was amended in late August, but criteria are still being developed by the relevant ministries and there is a three-month deadline for this before implementation, though the Finance Ministry is hoping to speed up the process. The new real estate tax base will apply to industrial, petroleum and tourism industries, along with ports, mines, quarries and similar facilities. With the new amendments, the property tax will be set at 10% of a unit’s rental value and 3% of a unit’s capital value.  Oil fields have been tentatively included in the new tax under the justification that the screw conveyors used to extract oil and gas should be considered as “property”.  However, there has been a lot of pushback on this and as of last week, it appears that the Finance Ministry is undecided, with leaks from the Ministry suggesting there is still a chance the property tax may not be enforced for petroleum companies and oil fields. If it is enforced, we may possibly see some exemptions for oil companies and oil fields proposed. The likelihood, though, is that these exemptions will be offered for state-owned petroleum facilities and not privately owned companies. We expect more clarification on this over the coming 1-2 weeks.

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