Cairo – November 6, 2023: The Ministry of Finance is dedicated to ensuring stable tax policies to promote domestic and foreign investments, stressed Finance Minister Mohamed Maait in a recent statement.
The Minister added that this would create more employment opportunities and further empower the private sector to contribute to the economy.
On Monday, Maait was quoted as saying that this approach looks to make the most of available resources and potential investment prospects, strengthened by the government’s political will and advanced infrastructure which is capable of handling the projected expected expansion of productive and export activities across various sectors.
The minister met with delegates from the General Federation of Egyptian Chambers of Commerce (FEDCOC), and its president, Ahmed El Wakil.
At the meeting, Maait also highlighted, in line with the government’s efforts to foster a more business-friendly environment, numerous initiatives such as the golden licenses and the state’s IPO/privatization program.
He also noted the impact of the recent decision to abolish tax emptions for state-owned companies, pointing out that it would stimulate investment by nurturing fair competition in the Egyptian market.
According to the FEDCOC president, stable tax policies play an important role in promoting domestic and foreign investments, developing an environment conducive to growth and assisting in the planning of future projects.
A new draft income tax law will be subject to community dialogue in the near future prior to being presented to the Council of Ministers and the House of Representatives, Maait explained.
He added that the government is committed to streamlining customs release procedures for the benefit of both investors and citizens, and it welcomes proposals that help remove obstacles and facilitate trade.
Media sources recently revealed that the Ministry of Finance was developing a new draft bill to attract investors through new tax incentives, with a potential public viewing sometime in November.
Finance Minister Maait noted that the new automated systems implemented over the recent years have supported the expansion of the tax base and increasing revenues without imposing additional burdens on investors, contributing to the integration of the informal economy, supporting efforts to achieve tax justice and competitiveness, as well as facilitating tax examination processes.
FEDCOC president El Wakil expressed his gratitude for the finance minister’s efforts and eagerness to engage with the business community across various sectors, adding that dialogue between the two strengthens the connection between the government and the private sector, working toward national goals and strategic objectives.
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