New e-system and measures for investor and tax issues to go live in February

Minister of Finance Ahmed Kouchouk announced that an electronic system for clearing investors' dues and debts will be launched next month, aimed at improving liquidity for investors, while new that special measures will soon be introduced to address and resolve all outstanding tax issues and disputes up until 2020.

Kouchouk, who spoke during a meeting with the business community in Alexandria, expressed a clear understanding of the tax and customs challenges faced by businesses, emphasizing the government’s commitment to resolving these issues in collaboration with the private sector.

“While the situation is difficult, we are confident in our ability to overcome these challenges,” he stated. “Our objective is to build a stronger relationship with taxpayers by offering effective solutions and incentives that encourage voluntary tax compliance.”

“Rest assured, we fully recognize the tax and customs challenges. We will work tirelessly together to improve the situation, strengthen the role of the private sector, foster international competition, and create meaningful job opportunities for our youth.”

The FinMin also outlined that the Ministry of Finance is rolling out 20 new measures designed to improve the tax environment for businesses of all sizes, stressing that these measures are part of a realistic and solution-driven approach, supported by modern communication strategies to clearly convey the ministry’s vision.

Kouchouk also highlighted the ministry’s efforts to ensure the efficient implementation of tax policies and improve the performance of tax staff through training and performance-based rewards.

As part of these reforms, Kouchouk introduced a new taxpayer inspection system aimed at rebuilding trust between the ministry and the business community. He also discussed a simplified tax framework for small businesses, which will provide support for startups and foster entrepreneurial growth.

“Our tax and financial policies are in alignment with the government’s broader economic goals, which prioritize strengthening the role of the private sector in driving growth and development,” Kouchouk noted. He also mentioned that the first package of real estate tax incentives will be unveiled next month, with customs benefits expected by the end of the year.