Lets explore Export-IT a little more.... What kind of export sales could be eligible under the program? • All export sales of the above-mentioned services contracted and made prior to or in year 2012 can be eligible under the program provided that the related export sales proceeds were transferred by importers and collected by the company in year 2012 as evidenced by the statement of company’s bank account maintained in Egypt (i.e. cash-bases rather than accrual-bases). • Export proceeds should be Traceable. Transfers to the company’s bank account maintained in Egypt should be linked to export projects (for example: through invoices issued by company to importer, importer mentioned in the contract should be the one conducting the transfer…etc). • Export sales should be realized by the company applying for the program (not by affiliate companies located abroad). Export proceeds should be accounted for in the company’s financial statement. • Proceeds collected in company’s branches/subsidiaries abroad and not further transferred to the company’s bank account maintained in Egypt are excluded. It should be noted that export proceeds transferred in company’s bank account should be traceable to export transactions. • Exports sales made by the applying company - even if contracted by the company’s affiliate/subsidiary located abroad – can be eligible under the program provided that a proper invoicing system is applied and other program conditions are satisfied. • Proceeds collected in personal accounts of one or more of the company’s owners are excluded even if the amounts were further transferred to the company’s bank account. • Export proceeds collected in cash or transferred in EGP would not be eligible under the program • Only services made to companies located outside Egypt - with the exception of services made to International organizations – are considered exports. • In case of the importer is an affiliate, sister company, has the same owner(s) ...etc, applying company should present contracts, invoices and bank statements evidencing export transactions with the end client. itida.gov.eg/En/AboutUs/QandA/Pages/default.aspx?Category=Export-IT
Posted on: Thu, 27 Jun 2013 11:50:13 +0000
Trending Topics
Recently Viewed Topics
© 2015