Taxes
Kouchouk emphasized that Egypt’s immediate goal is to reduce the country’s debt-to-GDP ratio to 85 percent by the end of the current fiscal year during an economic conference on Monday
Kouchouk added that these aim to stimulate growth among small businesses, simplify tax processes, and resolve existing tax disputes
Abdel Aal clarified that the suggested reforms are part of a strategic plan aimed at ensuring the sustainability of Egypt's tax system while adhering to international best practices that prioritize taxpayer satisfaction.
El-Kilani shared that the tax facilitation package aims to establish a comprehensive tax system for businesses with annual revenues not exceeding LE 15 million as part of the government's efforts to encourage and support small enterprises through simplified tax treatment.
The Egyptian prime minister presented investment incentives to the Saudi Industry Minister.
This includes assembly and feeder companies, as well as all entities participating in the national program for the development of the automotive industry
The country’s GDP was recorded at LE 2.14 trillion, up from LE 2.09 trillion in FY2022/2023, according to the report
Tax revenues as of the end March grew by 24.1%.
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 minister added that Egypt has accumulated around LE 171 billion in the July 2023 – January 2024 period
The new tax system stated that establishments with a business turnover below LE 250,000 will be subject to an annual tax of LE 1,000
The minister met with delegates from the General Federation of Egyptian Chambers of Commerce (FEDCOC), and its president, Ahmed El Wakil
The first draft of the new policy has been completed, the source revealed, and will likely be finalized and ready for public viewing as early as next month. The new policy is intended to promote investment and investor confidence
In a report by the House of Representatives Planning and Budget Committee on the draft bill released last month, this would ease the tax burden on low-income citizens and is in line with the state's commitment to promoting social justice
According to the finance minister, Egypt seeks to improve the ratio by expanding automated tax solutions, specifically targeting the integration of the informal economy into the formal economy
Officially, a recent Ministry of Finance release reported it recorded a surge in tax revenues by 27.5 percent, reflecting the ministry’s digitization efforts
Participants in the National Dialogue's manufacturing session stipulated Tuesday the necessity of boosting the volume of exports, making commercial attaches more effective, and setting a national strategy to develop the sector.
Economic Expert and Member of Al Masreyin Al Ahrar (The Free Egyptians Party) Mohamed Badra attended Tuesday the National Dialogue's session on public debt and budget deficit putting forward two suggestions.
These, and the continuous efforts to mitigate the negative effects of global challenges, demonstrated Egypt's strong management of public finances, Maait said
The draft law will cancel all legal provisions granting preferential treatment to state-owned companies, the PM explained
