Wednesday 05 Feb
Ahmed Kouchouk, the Minister of Finance affirmed that Egypt is committed to expanding effective communication with the private sector to leverage its expertise in driving reform and economic activity. He explained that our financial priorities are focused on empowering the private sector to lead growth through more impactful policies that stimulate production and exports.
In his meeting with the Board of Directors of the "T20" Foundation, Kouchouk said that the Economic Ministerial Group is working harmoniously on multiple fronts to create a competitive and attractive investment environment. He emphasized that they are working together to improve debt indicators and price stability so that both investors and citizens experience the benefits of economic development.
The Minister added that financing costs are expected to gradually decrease as inflation rates decline. Setting a ceiling for total investments and improving economic governance has contributed to a rise in private investment, which comprised 63% of total investments during the first quarter of the current fiscal year.
He also noted that they are working with the Ministry of Investment and Foreign Trade to review all fees to reduce them and unify the collection process. She emphasized that the first package of tax facilities aims to encourage current and new taxpayers to start a new chapter based on "trust, partnership, and support."
He explained that the government is working to stimulate startups, professionals, small businesses, and entrepreneurial activities through a simplified and integrated tax system. Convenient mechanisms are being developed to resolve existing tax disputes and close old files, establishing a stable investment environment.
Kouchouk explained that the government is working to stimulate startups, professionals, small businesses, and entrepreneurial activities through a simplified and integrated tax system. Convenient mechanisms are being developed to resolve existing tax disputes and close old files, establishing a stable investment environment.
The Minister emphasized that late payment penalties or additional taxes will not exceed the original tax amount, signaling a fresh start. The application of sample examinations to all taxpayers in centers, tax offices, and regions will strengthen trust with partners.
He added that the government is committed to the optimal use of artificial intelligence to analyze data from electronic tax systems and support priority economic activities.
For its part, the T20 Foundation's Board of Directors expressed its appreciation to the Minister of Finance, stating: "We are optimistic about your new approach with investors, speaking the language of priorities that create economic growth opportunities from challenges. We are pleased with your commitment to exchanging visions and ideas to forge a true partnership between revenue departments and taxpayers. We are enthusiastic about your support for more enabling financial policies for the private sector, while maintaining fiscal discipline. We concur with your focus on improving debt indicators through an integrated and diversified strategy that drives economic activity."
