Empowering private sector key to Egypt’s economic revival – FinMin

Egypt’s Minister of Finance, Ahmed Kouchouk underscored the government’s focus on empowering the private sector to lead the nation’s economic growth. He emphasised that the government is committed to implementing policies that encourage production, export, and investment, creating a more competitive and attractive business environment.

During a meeting with T20 Egypt Board of Directors on Sunday, Minister Kouchouk outlined how the government’s efforts, including capping total investments and improving economic governance, have helped raise the share of private investments to 63 per cent in the first quarter of the current fiscal year. He also stressed that lowering financing costs and stabilising inflation would further improve the investment climate.

The minister shared details about the collaboration between the Ministry of Finance and the Ministry of Investment and Foreign Trade to streamline tax processes, reduce fees, and introduce tax relief packages aimed at boosting business activity. He also announced efforts to support startups and small businesses through a simplified tax system and tax dispute resolution mechanisms.

Minister Kouchouk highlighted Egypt’s use of artificial intelligence to enhance electronic tax systems and prioritise key economic sectors. He also reassured taxpayers that penalties for late payments would not exceed the principal tax amount, fostering a fairer and more transparent tax system.

Attribution: Amwal Al Ghad English