Minister of Finance Dr. Youssef Boutros Ghali said  Egypt’s  growth rate has risen to more than 6%, the highest record in a decade while inflation rates have dropped to 3%.  Dr. Ghali noted that the restructuring of the public sector and assets administration have both contributed to  the growth rate.  The reforms in taxes and customs  have also led to a boost in confidence of international companies in the Egyptian market,  enhanced by a slash in taxes  by half and the eradication of exemptions on taxes that have marred the tax rates, coupled with the decrease in tax brackets to only three; a move that has considerably slowed tax evasion and beefed up efforts to combat corruption.

Dr. Ghali boasted that the new tax law in Egypt is finally reconciled with international criteria in terms of ideology, particularly in terms of transparency.

Dr. Ghali’s statements came in talks with the Swiss Minister of Economy Mr. Jean Danielle Garber and a number of Swiss investors.

Dr. Ghali informed his audience that the ministry is currently contemplating the adoption of another bold step exemplified in the reduction of customs tariffs to 5% from a current  8.9% where customs brackets range between 32% and 40%.  Studies have noted that  customs brackets on inputs and raw materials must be less than the semi manufactured or the manufactured products.  The Minister warned that such studies need time to be comprehensive and to have an impact when implemented, while taking into consideration the commitments of Egypt to bilateral and multilateral agreements.  Accordingly, studies must be reviewed by economic think tanks including commercial and industrial chambers, businessmen and  civil society members for their respective inputs.  (ministry of finance)