Trade and Industry Minister Tarek Qabil has amended taxes imposed on exported nitrogenous fertilizer to LE50 per ton, from LE400.
The decision will remain in effect for one year.
The decision aims to achieve a balance in the fertilizer market in Egypt, through the development of a comprehensive system designed to provide the needed quantities of fertilizer to Egyptian farmers. The system will also be applied to exporting surplus quantities to overseas markets, said the minister.
The decision has been studied thoroughly in light of other market facts, such as the decline in world prices for nitrogenous fertilizers during the recent period and the high cost of its production in the domestic market, due to rising energy prices, he added.
Edited translation from Al-Masry Al-Youm