Thursday 30 Jan
Ahmed Kouchouk, the Minister of Finance, affirmed that we are striving to create a 'dialogue environment' to engage the business community and citizens in our economic orientations and financial policies. He pointed out that achieving fiscal discipline relies on policies that encourage investment and entrepreneurship to achieve economic development.
During a dialogue with members of the Nasr City, Shorouk, and Tenth of Ramadan Rotary Club, the Minister highlighted the government's ambitious strategy to improve debt indicators. This strategy aims to foster public confidence in economic reforms. The Minister noted that significant progress has been made, including a reduction in government agency debt to 89% of the gross domestic product and a decrease in external debt by approximately $3 billion during the 2023/2024 fiscal year.
The Minister emphasized that the private sector plays a
crucial role in driving development, evidenced by improved resource management
and financial indicators. The government is actively implementing programs that
stimulate economic activity, enhance competitiveness, and support production
and exports.
To foster a strong partnership with the business community,
the government prioritizes trust, certainty, and adherence to rights and
obligations. Expanding the tax base by including new taxpayers will enable
increased spending on essential public services.
He added that the government is committed to swiftly implementing the first package of tax incentives and facilitations upon the issuance of related laws. This includes a simplified tax system for small companies, entrepreneurs, and professionals, encompassing incentives, exemptions, and facilitations across all taxes (income, value added, stamp duty, and development levy). Streamlined dispute resolution mechanisms will contribute to creating a stable and investment-friendly business environment.
