In a recent discussion with members of the Rotary Clubs of Nasr City, New Cairo, and 10th of Ramadan, Finance Minister Ahmed Kouchouk highlighted the government’s efforts to engage the business community and citizens in shaping Egypt’s economic trajectory and financial policies.
The Minister emphasized that fiscal discipline is based on policies designed to encourage investment and entrepreneurship, which are essential for driving economic growth. He further explained that the government’s ambitious strategy aims to improve national debt indicators while fostering a positive perception of economic reforms among citizens.
Notably, Kouchouk reported that Egypt successfully reduced its budgetary debt to 89% of GDP, and the external debt decreased by approximately $3 billion in the fiscal year 2023/2024.
The Minister also underscored the importance of the private sector’s role in driving economic development, noting that this leadership has positively impacted resource management and improved financial indicators. To enhance economic activity, competitiveness, production, and exports, the government is actively implementing various incentivizing programs and initiatives.
In his remarks, the Minister outlined the government’s commitment to building strong partnerships with the business community based on trust, mutual commitment, and shared responsibilities. One key aspect of this effort is expanding the tax base by bringing new taxpayers into the system, which will increase the government’s ability to meet citizens’ basic needs.
Kouchouk also affirmed the government’s commitment to swiftly implementing the first set of tax facilitations once the relevant laws for tax incentives and easements are enacted. These include a comprehensive and simplified tax system for small businesses, entrepreneurs, and professionals, offering a range of exemptions, incentives, and simplifications across various taxes, including income, value-added tax (VAT), stamp duties, and development fees. Furthermore, he highlighted that the tax system would feature streamlined dispute resolution mechanisms, creating a stable and attractive environment for investments.
