The 2019 Export-IT cash rebate on ICT exports supplied by local ICT companies has been disbursed, according to the Information Technology Industry Development Agency (ITIDA).
The total amount given out in the 11th round of the incentive is $4.5 million to 131 companies out of 137 that submitted this year.
The Export IT initiative is part of ITIDA’s goal to promote Egypt’s IT exports, increase competitiveness, and enable expansion and access to global markets, according to Amr Mahfouz, CEO of ITIDA. In the aftermath of the pandemic, he emphasized the governments’ commitment to increasing the country’s exports and foreign currency profits.
The government has reopened paperwork for the payout of the Export IT” 2020 rebate in the next two weeks, at the request of Egypt’s ICT enterprises.
This aims to increase the number of export enterprises that qualify as beneficiaries.
To assist in dealing with Covid-19 difficulties, ITIDA introduced exceptional rounds on its annual export-IT program earlier this year.
An external auditor first audits, then reviews, and finally cross-validates export transactions.
ICT enterprises established in Egypt are eligible to participate in the Export IT initiative.
Firms receive direct incentives of up to 10%, with a 20% ceiling on value-added exports, according to the program’s terms and conditions.
Companies in e-commerce, e-Health, e-Design, and e-Gaming are all eligible for the incentives. Companies operating in the country’s new tech parks were also given additional benefits.
For the initial program, ITIDA received 33 applications. This year, 22 startups have also decided to participate.
The program, which is now in its 11th round, has drawn participants from as far as Alexandria, Ismailia, and Dakahlia.
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