Initial results of tax facilities are positive and distinctive as they represent a powerful start in the track of confidence and partnership with business community

Minister of Finance, Ahmed Kouchouk, thanked all partners, the current and new taxpayers who contributed to achieving success in the tax facilities initiative, as well as the staff of Egyptian Tax Authority who effectively responded to this stimulative and advanced track of tax reforms, which focuses on creating an environment of confidence, partnership and certainty through the ongoing work on improving the quality of tax service.

 

"The initial results of the first package of tax facilities are positive and distinctive as they represent a powerful start in the track of confidence and partnership with business community. We received 110 thousand applications to close (old tax files) and 450 thousand new and amended tax returns within the framework of (tax facilities). Further, 53 thousand new taxpayers joined the tax system voluntarily," said Kouchouk.

 

"The support provided from taxpayers and their confidence encourage us to launch new packages of tax facilities in the coming period of time to handle more tax challenges on site. We are seriously open to the business community to adopt their proposals aiming to positively change the tax reality, and to provide high quality and fair services, out of our belief that taxpayers are real partners, and we work to help them achieve profit, growth and expansion in their activities," added Kouchouk.

 

The Minister of Finance stated that tax revenues increased through the past 11 months by about 36% and recorded additional EGP 500bn, without imposing new burdens, as more tax facilities were applied, and those additional revenues were directed to increase spending on health, education and social protection activities.

 

Kouchouk affirmed that the first package of real estate tax facilities was launched, and it will be effective as of the first quarter of the next fiscal year, pointing out that there is a package of customs facilities that will soon take a final approval of the cabinet, including more facilities to push forward the foreign trade as well as to boost investment.