Egypt’s Sisi orders unified business tax, faster customs
Egyptian President Abdel Fattah El Sisi on Sunday ordered the replacement of various fees collected by government entities with a unified tax on net profits, part of a broader initiative to improve the business climate and attract more investment.
In a high-level meeting with Prime Minister Moustafa Madbouly, Deputy Prime Minister Kamel El-Wazir, Finance Minister Ahmed Kouchouk, and Investment Minister Hassan El-Khatib, President Sisi stressed the importance of streamlining business procedures and easing financial burdens to provide investors with swift and tangible improvements in the investment climate.
The meeting also discussed efforts to ease investor burdens, including a proposal to unify the collection process and launch an economic entities platform.
The meeting also reviewed efforts to reduce customs clearance times from eight to six days, with plans to maintain customs services during public holidays and extend payment hours for fees beyond regular banking times.
President Sisi also discussed a new export burdens reimbursement programme aimed at supporting local industries and increasing Egypt’s exports, in line with the country’s targets through 2030.
Additionally, the meeting covered the Sovereign Fund of Egypt’s efforts to maximise returns from state-owned assets, including progress on the government’s privatisation programme under the State Ownership Policy. President Sisi stressed the need to grant the private sector a central role in boosting economic growth and exports, particularly through local investment in production and export activities.
Attribution: Amwal Al Ghad English
Subediting: Y.Yasser
Subediting: M. S. Salama