FinMin discusses Egypt's tax reforms, strategic fiscal policies

Egypt's Minister of Finance, Ahmed Kouchouk, discussed the nation’s fiscal policy strategies aimed at driving economic transformation. These policies focus on boosting production and exports, attracting private investments, and fostering technological advancement, according to a recent article for Youm7.

 

Kouchouk highlighted the launch of Egypt’s first set of tax relief measures, featuring over 20 reforms designed to build trust with taxpayers and streamline tax services.

 

These reforms aim to ease financial burdens, protect taxpayer rights, and broaden the tax base by drawing in both established businesses and new investors, including startups.

 

A simplified tax system will be introduced for small businesses and startups with annual revenues of up to 15 million EGP, offering easier procedures and clear tax calculations.

 

Legislative changes will reduce taxpayer burdens, such as capping fines and simplifying tax declarations to cut costs and effort.

 

To further support investors, Egypt will release clear guidelines outlining taxpayer rights and obligations while enhancing the investor complaint system.

 

The government will also implement a modern media communication system to educate the public on these reforms and gather feedback, linking employee incentives to clear targets to ensure better services for taxpayers.

 

Kouchouk emphasized that Egypt’s long-term strategy includes improving fiscal sustainability, reducing government debt, and ensuring that economic growth benefits all citizens through enhanced health and education programs.

 

The strategy also prioritizes reducing external debt and channeling more resources into productive sectors and social protection.