Egypt allocates LE5B to bear the financial burdens resulting from reduction of electricity prices for industrial sector

CAIRO - 9 May 2022: Egypt allocated LE 5 billion during the next fiscal year 2022/2023 to bear the financial burdens resulting from the reduction of electricity prices for the industrial sector, and about LE 1.5 billion to bear the cost of real estate taxes on the industrial sector, according to Minister of Finance Mohamed Maait.

 

The minister noted that this comes with the commitment to provide the financial allocations required to quickly respond to the export burdens of exporters.

 

Maait added, in a statement, Monday, that LE 6 billion have been allocated to continue financing the Exporters Support Program; this will provide them with the cash needed to continue the production cycle and stimulate exports.

 

He stressed that the government aims to maximize efforts to integrate the informal economy into the formal economy to expand the tax base and increase tax revenues by about 23.5 percent through the expansion of technological solutions to enhance governance, achieve justice, more accurately account for the tax community, and collect dues from the state's public treasury.

 

The minister pointed to the continuation of the implementation of the projects of electronic invoice, electronic receipt, automated unified tax procedures system, electronic tax collection, electronic tax returns, and mechanization of the work cycle of tax appeal committees to expedite the resolution of tax appeals files.

 

Maait also pointed to the comprehensive development that the customs system is witnessing, starting with updating the legislative structure by issuing the new law and its executive regulations, with the development of logistic centers, which contribute to linking all outlets through the electronic platform "Nafeza" to simplify procedures, and the start of the application of the pre-registration system for shipments "ACI" to dispense completely on paper documents.