2024/07/14

Finance Minister aims for major improvement in tax-business relations

Minister of Finance Ahmed Kouchouk said that the ministry aims to achieve tax stability to drive investment flows and increase economic growth rates.

He clarified “We are working on developing a strategic tax policy document for 2024-2030. We aim to finalize the document as soon as possible and present it for a genuine public dialogue. The goal is to establish a clearer, more realistic, flexible, and investor-friendly tax policy for the future. We are a team that complements each other and continuously evaluates our situation. Furthermore, we consider the taxpayer a genuine partner of the Egyptian tax authority and are committed to protecting their rights and supporting their growth, expansion, and export activities.”

At the Egyptian Association for Public Finance and Taxes' annual tax conference, Kjouk emphasized that “we are seeking a significant qualitative shift in improving the relationship between the tax authority and the business community. Building trust is key, and the coming period will see greater openness and stronger communication between the revenue authorities and taxpayers."

"I would like to express my gratitude to my colleagues in the previous government, dr. Mohamed Maait, the former Minister of Finance and Dr. Ehab Abu Aisha, the former Deputy Minister for Treasury Affairs," he said. "May God reward them for their accomplishments. It is with their contributions that we can now serve our country and people even more effectively. We will continue to develop and digitize the tax system, building upon the successes we have achieved with electronic invoicing, electronic receipts, and other initiatives."

"He further stated that development and reform are continuous processes. We don't implement reforms for mere appearances or photo ops. If legislative amendments benefit taxpayers, we will work together swiftly to create a competitive investment climate built upon a well-developed tax system.”

He emphasized our commitment to regional competition, staying abreast of international developments and addressing their challenges. He also highlighted the importance of collaboration with international institutions in the ongoing development of our tax system.

On tax policy, Deputy Minister Sherif El-Kilany acknowledged the challenges faced by taxpayers. He emphasized a collaborative approach, stating the ministry's belief that swift dispute resolution attracts investment, while comprehensive digital transformation is key to integrating the informal economy.

Dr. Hisham El-Hamwi, president of the Egyptian Association for Public Finance and Taxation's annual tax science conference, emphasized the importance of effective dialogue between all stakeholders in the tax system. He believes this collaboration is key to overcoming challenges and achieving shared goals that benefit both the state and the tax community. He commended the Minister of Finance's commitment to listening to taxpayer concerns and working together to implement the conference's recommendations. All proposals will be submitted to the relevant tax authorities for review.