We work on four priorities for the benefit of citizens, investors and the Egyptian economy

Minister of Finance, in the National Press Authority:

 

We work on four priorities for the benefit of citizens, investors and the Egyptian economy

 

We started a strong partnership between The Tax Authority and the business community.  It is based on "trust, certainty and support" to facilitate for the taxpayers, improve services and ensure all rights and obligations

 

The first package of tax facilities received a good response from our partners, the taxpayers.  and completion of its full implementation during the current fiscal year

 

Launching the pilot operation of the central electronic clearing system between government receivables and indebtedness to provide liquidity to investors

 

Re-implementation of inspection by sample system for all taxpayers in tax centers, offices and directorates

 

Closing old tax files before 2020 in a balanced, simplified and more equitable way

 

The Tax Authority has started correcting some administrative decisions and instructions which reflects a serious wish to establish trust with taxpayers

 

A simplified and stimulating tax system for startups, entrepreneurs and professionals up to 15 million pounds

 

Neutral institutions to assess the course of tax reform in order to have the ability to regularly review and correct

 

Extended media communication with all segments of the tax society until we reach everyone

 

Investing in the human capital the new reward system will link the incentive to the quality of services provided to taxpayers

 

Benefiting from the huge information wealth of electronic tax systems in developing stimulating economic and financial policies

 

New packages of facilities to address the challenges of customs and real estate taxes in the coming weeks for the benefit of citizens and investors

More inclusive, open and impactful financial policies on economic activity and sectors without losing sight of financial discipline

The Egyptian private sector is capable of driving growth in many existing and promising sectors

 

We have competitive advantages in information technology, industry, new and renewable energy and tourism

 

We look forward to the localization of industries associated with the production and export of new and renewable energy

 

Announcing a strategy aiming at improving all indicators of government indebtedness and the Tax Policy Document in the first quarter of the next fiscal year

 

We are working to diversify funding sources and attract a new number of local investors to reduce external borrowing and reduce cost

 

For the first time, we are considering issuing green bonds and Islamic sukuk in the local market

 

We are working to create sufficient fiscal spaces in the budget to increase spending on human development, social protection and improving the lives of citizens

 

26% increase in public spending on health and 25% increase in education during the period from July to October

 

We aim to increase the allocations for health, education and social protection in the new budget

 

 

Abdul Sadiq Al-Shorbagy:

 

-        We appreciate the efforts of Ministry of Finance to improve economic indicators and encourage manufacturers and investors

 

-        National press is one of the most important components of the soft powers of the Egyptian State and its first line of defense

 

The National Press Authority, under the chairmanship of Eng. Abdul Sadiq Al-Shorbagy, held an expanded seminar in the presence of Minister of Finance, Ahmed Kouchouk, within the framework of enhancing aspects of joint cooperation between National Press Authority and Ministry of Finance during the coming period, coordinating on a number of priority files, and reviewing the plan of Ministry of Finance during the next phase in light of the State plan to improve the lives of Egyptian citizens, improve their livelihood, and improve economic performance indicators.

 

In his speech, Eng. Abdul Sadiq Al-Shorbagy, Chairman of the National Press Authority, welcomed Minister Ahmed Kouchouk and congratulated him on the confidence of the political leadership and his assumption of one of the most important ministerial portfolios.

 

Al-Shurbagy pointed out that Ministry of Finance faces some challenges in various files and is dealing with them successfully, praising the Ministry's efforts to adopt fiscal policies that stimulate economic growth and target improving the lives of citizens through social protection packages in accordance with the directives and visions of the political leadership.

 

The Chairman of the Authority appreciated the efforts of the Ministry in improving economic indicators and ensuring the sustainability of a balanced fiscal policy based on achieving fiscal discipline, improving public finance indicators, assisting the productive and export sectors, encouraging entrepreneurship, maximizing partnership with the private sector, and attracting foreign direct investment.

 

Al-Shurbagy stressed the importance of Egypt's national press, as one of the most important components of the soft powers of the Egyptian State, as a key tool in enlightenment, education, spreading awareness, supporting the issues and priorities of the homeland, and confronting rumors and lies, especially in light of the current situation in the Arab region. He said: " Our goal is to maintain our national press and continue its national role despite the challenges we face".

 

  The Chairman of the Authority said that the relationship between Ministry of Finance and the Authority and its institutions is based on appreciation, respect, and mutual and continuous support, hoping that the coming period will witness more constructive cooperation.

 

Minister of Finance, Ahmed Kouchouk, stressed that we are working on four priorities for the benefit of citizens, investors and the Egyptian economy, explaining that we have started a strong partnership between the Egyptian Tax Authority and the business community, based on "trust, certainty and support" to facilitate for taxpayers, improve services and ensure all rights and obligations.   

 

The Minister added that the first package of tax facilities received a good response from partners, the taxpayers, and its full implementation was completed during the current fiscal year, pointing out that the sample inspection system has already been restored for all taxpayers in tax centers, offices and directorates, and the pilot operation of the central electronic clearing system between government dues and debts has been launched to provide cash liquidity to investors.

 

The Minister pointed out that the old tax files will be closed before 2020 in a balanced, simplified and more equitable manner, explaining that the Egyptian Tax Authority has started correcting some administrative decisions and instructions, and this reflects a serious desire to establish trust with taxpayers.

 

He stressed that there are neutral institutions to evaluate the course of tax reform, in order to have the ability to review and correct periodically, as well as extended media communication with all segments of the tax society until we reach all people, and investment will be made in the human element, and the new reward system will link the incentive to the quality of services provided to taxpayers, pointing to the benefit of the huge informational wealth of electronic tax systems in developing stimulating economic and financial policies.   

 

He added that for the first time, a simplified, integrated and stimulating system will be developed for startups, small and medium-sized companies, entrepreneurship activities and professionals up to the business volume of 15 million pounds, including new incentives, exemptions and facilitations that include all tax bases "income, value added, stamp and the fee for the development of the State's resources." He pointed to the exemption from "capital gains", "dividends", "stamp", and the registration and documentation fees for those joining this simplified system, and also exemption from the application of the system of discounts or advance payments, provided that only four declarations of value added are submitted during the year and the first tax examination will be after 5 years. Salaries and wages tax declarations are submitted on the annual settlement declaration.

 

The Minister said that for the first time, a maximum limit will also be set for delay penalties that do not exceed the main tax so that our partner does not bear significant burdens as a result of the delay of the "tax inspection" or the length of the dispute resolution period. We will work to encourage non-taxpayers to register and we will open a new page with them without looking at the past. The Tax Authority will not require anyone who takes the initiative to register any tax dues from previous periods. A new opportunity will be given to taxpayers to reconcile their situation before the inspection and encourage them to comply voluntarily with the provisions of tax laws by allowing the submission or amendment of tax returns from 2020 to 2023 without being subject to the penalties prescribed in confirmation of the principle of trust.

 

The Minister confirmed that new packages of facilities will be announced to address the challenges of customs and real estate taxes in the coming weeks, for the benefit of citizens and investors.

 

He pointed out that we are working on more comprehensive, open and impactful financial policies in economic activity and productive sectors, without neglecting to achieve financial discipline, taking into account that the Egyptian private sector is able to lead growth in many existing and promising sectors, and that we have competitive advantages in information technology, industry, new and renewable energy and tourism, and we look forward to the localization of industries associated with the production and export of new and renewable energy sectors.

 

The Minister stressed that during the first quarter of the next fiscal year, a strategy will be announced aiming at improving all indicators of government indebtedness and the tax policy document, explaining that we are working to diversify sources of financing and attract a new number of local investors to reduce external borrowing and reduce the cost, and we are considering, for the first time, issuing green bonds and Islamic sukuk in the local market.   

 

He said that we are working to create sufficient fiscal spaces in the budget to increase spending on human development, social protection and improving the lives of citizens. The period from July to October last witnessed an increase in public spending on health by 26% and education by 25%, pointing out that we are targeting a greater increase in allocations for health, education and social protection in the new budget.

 

Kouchouk expressed his delight to meet with a group of heads of boards of directors of institutions and editors-in-chief of national press releases, thanking Eng. Abdul Sadiq Al-Shorbagy for organizing this important seminar, and congratulated him on renewing confidence as head of the National Press Authority, and expressed his appreciation for Egypt's national press and its importance at the present time and its great role in clarifying facts and spreading awareness.     

 

 

The meeting with the Minister was attended by Mr. Alaa Thabet, Undersecretary of the Authority. The seminar was moderated by Mr. Hamdi Rizk, a member of the Authority, and in the presence of  Counselor Mahmoud Fouad Ammar, Yasser Samir, Amr Al-Khayyat, Sameh Mahrous, Osama Abu Pasha, members of the Authority, Marwa ElSisi, Secretary General of the Authority, Counselor Adel Brek, Legal Advisor to the Authority, Medhat Lashin, Legal Advisor to the Chairman of the Authority, and a number of heads of boards of directors of national press institutions and editors-in-chief of publications.