Egypt's cabinet has approved a draft law to eliminate tax exemptions for state entities in a bid to attract private investment, a cabinet statement said on Wednesday, but the law appeared to retain at least some privileges enjoyed by the army. Egypt, in the midst of a severe foreign currency shortage, has been seeking to encourage both foreigners and Egyptians to invest more. Many investors have hesitated out of concern that state-owned enterprises, including those owned by the army, use tax exemptions and other privileges to compete unfairly. The International Monetary Fund in a $3 billion financial support agreement signed in December urged Egypt to level the playin
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