The Egyptian Business Development Association (EBDA) is to hold an economic forum next Wednesday to discuss the proposed tax reforms.
The forum is expected to be attended by representatives of the Ministry Of Finance, the customs authority, economic committees of political parties, business associations of federations and chambers of commerce, members of Shura council, university professors, EBDA members and the founder Hassan Malek, along with a many businessmen.
Head of the EBDA investment committee Abdel Allah Al-Aadely said: “The Ministry of Finance has issued new reforms on taxes to be applied, but President Mohamed Morsy has ordered to freeze them until holding a discussion, and our forum is an initiative for that.”
Al-Aadely told Daily News Egypt that the new amendments are incompatible with the main aim of the tax decree, which is to achieve just taxation.
He added the Ministry of Finance issued the reforms without consulting any tax advisors regarding the feasibility, given the current situation in Egypt.
Al-Aadely said: “The discussion is an attempt to find suitable ways to amend some of the reforms and deactivate others, especially sales taxes on building materials, soft drinks, cooking oil and other products that act as new burdens on the Egyptian citizen.
“Our target is to make sure that the new reforms do not affect the average Egyptian citizen, but at the same time we must impose those reforms to fulfil the requirements of IMF loan.”