Egypt considers 5% tax on cement sales

The Egyptian state is considering imposing a 5% tax on cement sales, instead of the present taxes of €0.28 per tonne. The proposed tax comes at a time of growing deficit in the country. Italy-based Italcementi, which owns Ciments Français (together holding 30% of the market); French cement companies Lafarge (20%) and Cemex (10%), and the Greek group Titan (15%) would be the companies most affected by the taxes, say sources. The Egyptian government is also considering eventually raising the tax from 5 to 10%
April 2, 2012 Read time: 1 min

The Egyptian state is considering imposing a 5% tax on cement sales, instead of the present taxes of €0.28 per tonne.

The proposed tax comes at a time of growing deficit in the country.

Italy-based 726 Italcementi, which owns 1508 Ciments Francais (together holding 30% of the market); French cement companies 725 Lafarge (20%) and 643 Cemex (10%), and the Greek group 719 Titan Cement (15%) would be the companies most affected by the taxes, say sources.

The Egyptian government is also considering eventually raising the tax from 5 to 10%.

Quarry Products

For more information on companies in this article

Related Content

March 28, 2012

Financial challenges impact Ciments Francais

France-based Italcementi subsidiary Ciments Francais has announced a drop in sales and profit in the first half of 2011, compared to the same period last year, due to financial challenges. The company recorded a turnover of €2.04billion, down 1.8% on 2010, and a recurring EBITDA of €386million, a drop of 12.8% on last year.

March 27, 2012

Lafarge credit rating downgraded

Credit rating agency Moody's has downgraded French cement group Lafarge's rating from Baa3 to Ba1, with a stable outlook. The move comes after it was put under surveillance on 2 August, 2011. The agencies Standard & Poors and Fitch have already given the French group a speculative grade. Meanwhile, Moody's has downgraded the outlook on Italian construction materials manufacturer Italcementi and on its controlled Italcementi Finance, as well as on the French subsidiary Ciments Francais to negative.

April 19, 2012

Ciments Français net profit down in 2011

French building materials firm Ciments Français (CF) says it will target industrial investments in India and Bulgaria in 2011 after seeing its net consolidated profit fall by 13.7% to €274.2million in 2011.

boombox1

Highlighted Content

boombox2