New tax and customs reforms and facilitations over the next six months to consolidate the path of "trust, partnership and support" for local and international investors

Minister of Finance, in an open dialogue with representatives of the business community at the German-Arab Chamber of Industry and Commerce in Cairo:

 

New tax and customs reforms and facilitations over the next six months to consolidate the path of "trust, partnership and support" for local and international investors

 

The first package of tax facilities is a good step in the government's efforts to create an attractive and investor-friendly business environment

 

We aim to simplify and standardize procedures, reduce administrative burdens and costs, and increase the liquidity of our partners in the business community

 

We adopt a stimulating framework for the business community, and more targeted to broaden the tax base by voluntarily attracting new taxpayers

 

Simplified tax system for small and medium-sized taxpayers up to 15 million pounds annually contributes to the growth of entrepreneurship, startups and professionals

 

Fiscal policies will play a more influential role in driving investment movement and accelerating growth during the next phase

 

We will support our private sector partners to motivate them to expand production, increase the proportion of the local component and deepen industrialization

 

We are studying new initiatives to pay the late export dues of companies soon and an ambitious program to support exports next fiscal year

 

Preparing a strategy to reduce and improve government indebtedness indicators within the framework of the integrated national course of financial and economic reform

 

Minister of Finance, Ahmed Kouchouk, assured that the next six months will witness new tax and customs reforms and facilitations to consolidate the path of "trust, partnership and support" for local and international investors, explaining that the first package of tax facilities is a good step in the framework of the government's efforts to create an attractive and investor-friendly business environment, as it aims to simplify and standardize procedures, reduce administrative burdens and costs, and increase the liquidity of our partners in the business community.

 

The Minister said, in an open dialogue with representatives of the business community at the German-Arab Chamber of Industry and Commerce in Cairo, headed by Engineer Ahmed Al-Suwaidi, that we are adopting a stimulating framework for the business community, and more targeted to expand the tax base by voluntarily attracting new taxpayers, pointing out that the simplified tax system for small and medium taxpayers up to 15 million pounds annually, contributes to the growth of entrepreneurship, startups and professionals.

 

The Minister added that financial policies will play a more influential role in driving the movement of investment and accelerating the pace of growth during the next phase, and that we will support our partners from the private sector, to motivate them to expand production, increase the proportion of the local component and deepen manufacturing.

 

He explained that we are studying new initiatives to pay off the overdue export dues of companies soon, and that there is an ambitious program to support exports next fiscal year, pointing to the preparation of a strategy to reduce and improve government indebtedness indicators within the framework of the integrated national path of financial and economic reform.

 

Eng. Ahmed Al-Suwaidi, President of the German-Arab Chamber of Industry and Commerce in Cairo, said that Minister of Finance, with his priorities and targets, will play an influential role in driving the movement of investment and economic activity and supporting the private sector, which raises optimism about the future of the best performance we are witnessing from the harmonious, consistent and integrated performance of the ministers of the Economic Group, expressing his appreciation to the Minister of Finance for his interest in listening to the visions and ideas of investors and his keenness to remove any obstacles they may face, by building bridges of trust and real partnership with the business community.

 

The meeting was attended by: Jürgen Schultz, German Ambassador in Cairo, Marin Diala, Executive Director of the German-Arab Chamber of Industry and Commerce, and Karen El Shafei, Head of Operations of the German-Arab Chamber of Industry and Commerce.