Minister of Finance, Ahmed Kouchouk, affirmed that there will be no tax increase in the new budget

Minister of Finance, Ahmed Kouchouk, affirmed that there will be no tax increase in the new budget, pointing out that the ministry gives priority to expansion of tax base, in favor of all parties, as more packages of tax facilities will be launched next fiscal year to encourage the current and new taxpayers.

 

In response to the inquiries of tax community representatives and media professionals, in a conference held for announcement of the initial results of tax facilities package, Kouchouk said that numerous members of business community have positively responded to the tax facilities, which contributed to achieving a part of the ministry objectives.

 

 Kouchouk stated that the tax community is a strong effective success partner in all the positive indices achieved throughout the past eleven months.

 

The Minister of Finance thanked all parties who participated either with an idea or a proposal to push forward the stimulative tax reform track which is based on confidence, partnership and support to business community, affirming that all concerned parties will cooperate with each other in the coming period of time to launch other initiatives that serve the state and its economy.

 

Kouchouk said that "real estate tax facilities" will be presented to the House of Representatives. Further, "customs facilities" will be launched next fiscal year, affirming that the ministry works in cooperation with different ministries and concerned agencies to enhance the competitiveness of Egyptian economy, and the Ministry of Finance will deal wisely with the new budget, as it has hedge tools that consider the present challenges.

 

Kouchouk stated that the Ministry of Finance aims to provide the finance required for supporting social protection and human development, pointing out that the past period of time witnessed an increase in private investment, besides growth of industry and tourism, and the ministry will continue providing support to top priority economic sectors.