Minister of Finance Dr. Ghali said that the major tax reforms have been widely hailed by international organizations and are expected to play a pivotal role in attracting foreign investments.  On the sidelines of the Davos Sharm el Sheikh conference (WEF), Dr. Ghali said that more tax reforms are expected following a presidential decree that announces the setting up of the new tax authority, and a  center for major taxpayers, in addition to the final touches on a new draft law for stamp duties and real estate taxes.

The Minister of Finance affirmed that despite tax cuts the tax revenue has soared as well as the number of registered taxpayers.

Dr. Ghali said he expected that Egypt’s rank which stands at 144 according to World Bank reports will be upgraded particularly in the wake of customs reforms in 2004 which have pushed Egypt to number 6 among countries that have dutifully implemented its plans for reform.

Ghali described the economic dialogue in Davos among governments and businessmen as fruitful and added that he expected more direct foreign investments after the interchange as well as more job opportunities among young people.

Ghali however criticized the trade exchange between Egypt and other countries saying it leaves much to be desired. He nevertheless added that dialogue in Davos will help eradicate errors and pave the way for greater trade opportunities.