Egypt’s Finance Minister, Mohamed Maait, stated that the Egyptian government mulls upgrading an all-inclusive social protection package to include wage and pension adjustments and an increase in the tax exemption threshold.
During the Egyptian Tax Society (ETS) Annual Conference, Maait further outlined plans to present Egypt’s tax policy strategy 2024-2030 to the public for discussion in February. He also highlighted Egypt’s commitment to fostering public dialogue on the proposed state budget for FY 2024/2025, which will be initiated in July 2024, to determine the country’s priorities for public expenditure.
The government aims to optimize the tax and customs systems, for promoting private sector investments, being the catalyst of Egypt’s economic recovery and sustainable growth in 2024, Maait stated.
Maait emphasized the significance of tax system automation, leading to a 26.9% surge in revenues during FY 2022/2023 with no further burdens on investors.
Furthermore, the automation contributed to revenue hike at real estate and gold sectors by 43.6% and a 67% respectively, Maait added.
He said the ministry also submitted a draft decision to the Cabinet, proposing an extension of the state treasury’s responsibility for bearing the real estate tax burden on industrial projects, poultry farming, and other sectors until the end of 2026.
Further, Maait announced that a legislative draft of legislation amending the income tax law will be presented for public debate in February and then submitted to the Cabinet for approval.
Maait stressed the government’s commitment to enhancing Egypt’s logistics sector by establishing logistical centers, electronically integrating all ports via a unified platform, and implementing the Advanced Cargo Information (ACI) system; which enables electronic pre-registration of shipments.
“These measures are designed to streamline the customs clearance process and ensure that all importers adhere to global quality standards for goods and merchandise,” he stated.
Besides, , Maait reflected on the government’s efforts to expedite the customs release of strategic goods, medicines, petroleum and fuel supplies, and production materials for priority sectors. Accordingly, this was resulted into the release of over $72.4 billion worth of goods in various ports, including strategic goods valued at $19.1 billion and production supplies and raw materials worth $33.3 billion, from January to late December 2023, concluded Maait.
