House of Representatives Approves Draft Law Incentivizing Green Hydrogen Projects in Egypt-

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The Energy and Environment Committee of the House of Representatives, led by MP Talaat Al-Suwaidi, officially endorsed a government-proposed bill focused on providing incentives for green hydrogen projects and related initiatives on Monday, 25 December. The proposed law encompasses both tax and non-tax incentives, aligning with Egypt’s commitment to optimize the production, utilization, and export of clean green energy. The emphasis is on establishing projects for the production of green hydrogen and its by-products, such as green ammonia and green fuel. Article 4 of the law states that the incentive offered is between 33 and 50 percent of the value of the tax paid upon the declaration of income generated directly from the project or its expansions.  The categories of the mentioned incentive and the criteria for granting it will be specified by a decision of the Cabinet after consulting the Ministry of Finance. Equipment, tools, machinery, devices, raw materials, supplies, and transportation means necessary for green hydrogen projects and their derivatives are exempt from value-added tax (VAT). Moreover, exports of green hydrogen projects and their derivatives are also VAT-exempted. The goal of the strategy is to position Egypt as…

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The post House of Representatives Approves Draft Law Incentivizing Green Hydrogen Projects in Egypt- first appeared on Egyptian Streets.

Source: egyptianstreets