CAIRO – 30 October 2024: Prime Minister Mostafa Madbouly shared updates following the recent Cabinet meeting, highlighting constructive talks with the International Monetary Fund (IMF) about extending the timeline of specific economic policies.
IMF Managing Director Kristalina Georgieva is expected to visit Egypt next week, followed by a review mission to advance these discussions.
Madbouly cited a recent Reuters report noting Egypt’s economic growth and projecting inflation around 20.4 percent. He also assured the public of Egypt’s stable strategic reserve of essential goods, confirming there is no shortage.
To boost the business climate, Madbouly announced plans to simplify tax procedures, aligning with the government’s aim to create a competitive environment for investors by addressing their calls for more efficient tax processes.
In a subsequent press briefing, Finance Minister Ahmed Kouchouk confirmed that the Ministry of Finance is providing facilities to resolve arbitrary tax assessments, easing compliance for taxpayers.
Additionally, Egypt plans to reduce tax obligations for businesses with valuations under EGP 15 million, a move intended to support smaller businesses and encourage entrepreneurship across the country.
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