Finance Minister announces formation of Supreme Tax Council

Cairo – March 26, 2024: Following Monday’s presidential decree, Egypt’s Supreme Tax Council is being formed with the goal of empowering the private sector, stimulating investment, and encouraging investors to expand their productive and export activities, according to Minister of Finance, Mohamed Maait.

The council, chaired by the Prime Minister, will include heads of the Federation of Egyptian Chambers of Commerce, Federation of Egyptian Industries, and Egyptian Federation of Investors Associations.

The finance minister added that membership in the council will be open to leaders and experts in the industrial, commercial, and investment sectors, along with representatives from the business community, tax associations, accountants, and university professors in the economic, financial, and tax fields.

The new tax council will support Egypt’s ongoing economic reforms, with members able to participate in shaping tax policies and monitoring its progress, Maait explained. Additionally, it will hold extensive authority to develop a progressive tax system that fosters investment and regulates the tax relationship between investors and the state

In a Ministry of Finance statement, Maait clarified that it will be responsible for reviewing tax legislation, executive regulations, and issues referred by the cabinet.

In addition, the council will look into complaints and challenges within the tax community, providing solutions, technical support, and legal advice to protect taxpayer interests.

Maait explained that it will help create educational guides on tax examination rules and procedures with tax authorities, as well as foster taxpayer awareness of their rights and duties.

He also highlighted that a document outlining taxpayer rights is in the works, along with ongoing evaluation of tax administration initiatives to ensure fair tax and customs collection and minimize disputes.

The minister added that the tax council will coordinate with the Ministry of Finance and the Supreme Investment Council for researching ways to leverage taxation to stimulate economic activity, with the tax council expected to form strategies to manage tax arrears and expand the tax base, as well as work on improving tax equity by integrating the informal economy.

Maait explained that preparations for the council’s inaugural meeting have begun.