Egypt Parliament approves tax exemptions for youth employment vehicle project

An Egyptian parliamentary committee has given preliminary approval to a draft law designed to support the National Youth Employment Project, implemented by the Tahya Misr Fund. The initiative aims to provide 3,000 natural gas-powered taxis and 1,000 pickup trucks to young citizens at reduced prices through an installment system with low interest rates.

Under the proposed law, the state treasury will cover various costs, including customs duties, value-added tax, schedule tax, stamp duty, and state financial resource development fees for the vehicles and their imported components. The Ministry of Finance indicated that the treasury will allocate 1 billion Egyptian pounds to support the initiative.

To qualify, applicants must be between 25 and 50 years old, hold at least a medium-level qualification, have completed or been exempted from military service, possess a second-class professional driving license, and have no other source of income. Beneficiaries are prohibited from selling the vehicles or using them for purposes other than those specified for a period of seven years. Failure to comply will result in the loss of the vehicle, which must then be returned to the Tahya Misr Fund.