The new budget draft law will be presented to President Abdul Fatah Al-Sisi next week.

• The new budget reflects the president's directives to raise citizens' standard of living.
• Great momentum is given to public investments, especially in relation to the national project for the countryside development.
• Estimated costs of developing the countryside over three years stand at EGP 600 billion.
• Public oriented services are to be upgraded to provide a decent life for all Egyptian nationals.
• Government receives a presidential mandate to increase public spending allocated for meeting development needs at Upper Egypt.
• By next June 2021, all Egypt's imports and exports will be managed through "Nafeza" e-platform.
• 2800 companies registered at the Large Taxpayers Center will join the e-invoice system by next May.
• Ministry of Finance offers necessary financial support to "private funds" to enable them to pay their employees' salaries.
• Qena implemented 90% of "the State Digitalization" project and aims to enhance governance and facilitate procedures for nationals, announces Qena governor.

 

Minister of Finance, Dr. Mohamed Maait, stated that the new budget draft law for FY 2020/21 shall be presented to President Abdul Fatah Al-Sisi next week in preparation to its submission to the Parliament.

On the sidelines of his inauguration of the upgraded headquarter of  Qena financial directorate, Dr. Maait  met with journalists, Mps and  senators inquiring about the new  FY budget. He stressed that the new FY budget closely abides by Al-Sisi's directives and aims to give momentum to public investments within the framework of the national project of the countryside development. The minister noted that the government works according to  a presidential mandate to increase public spending to meet development needs at Upper Egypt, raise inhabitants' standard of living, and lay foundations of a comprehensive and sustainable development in the different governorates there.  

Dr. Maait reiterated that President Al-Sisi works earnestly to achieve comprehensive development nationwide, pointing out the estimated cost  of implementing the three-year national project for developing the Egyptian countryside  is around EGP 600 billion. Upper Egypt, including Qena governorate, received a big share in such unprecedented project adopted by Al-Sisi, in an effort to offer a decent life for each citizen, confirmed Dr. Maait.

The Minister also noted that the government puts a significant effort to upgrade and automate the tax and customs administrations. By next June, all Egypt's exports and imports shall be managed electronically through "Nafeza" e-platform, which in turn will reduce customs clearance time and facilitate internal and external trade, he added.

In the same context, the minister stated that by next May, 2800 companies, registered at the Large Taxpayers Center, will join the e-electronic invoice system that monitors instantly all the electronic transactions. This measure shall help in collecting the State's rights, facilitate procedures for taxpayers, boost investment, broaden export base, enhance Egypt's competitiveness in global markets. Moreover, 430 companies have already joined the e-invoice system, whereby 2 million buy/sell transactions have been registered, thus reflecting the success of the new e-system of developing the tax administration in its 1^st and 2^nd phases.

As underlined by the minister, the integrated application of the Customs System for the Advance Cargo Information Registration “ACI” will help the customs ports to get rid of what is known publicly as "Kahol ":  an anonymous person who is the offender in cases of goods of unknown origin, and illegal and incriminating shipments. Additionally, the ports will then be able to dispose the abandoned and stagnant goods; whereby, according to the new system, importers and customs clearance agents are obliged to exchange cargo data and documents electronically and obtain prior approval to shipment. The system grants approval within 48 hours of the time of request submission, so that the Egyptian borders be protected from any hazardous material, and hence, the initiation of the prior release of shipment procedures.

The minister noted that  private accounts and funds shall collect their proceeds and sustain their operational costs, including salaries of employees registered therein, given that their proceeds are classified as self-gained resources of entities to which these funds are affiliated, and shall not be transferred to the State Public Treasury, except by the percentage stipulated by the law. Nevertheless, in case of failure of private funds to meet their liabilities related to paying employees' salaries, the Minister of Finance offers the necessary financial support in consideration of the social status of those employees and their households.

In his meeting with employees at Qena financial directorate, in attendance of Qena governor, Major General Ashraf Al-Dawoudi, and Head of Accounts and Financial Directorates Department, Mr. Emad Awad, the Minister addressed them saying: "Protecting public funds is your responsibility…", calling on them to meet the needs of Qena inhabitants without any delay, praising them as being the safeguards of the State's rights and people's interests.

Dr. Maait also expressed his appreciation of  the youth initiatives launched to develop Qena governorate, praising cooperation between Qena financial directorate and other accountant units at the governorate. Such cooperation reflects the great achievement made by the Accounts and Financial Directorates Departments, headed by Mr. Emad Awad.