localisation of industry, deepening local production are Egypt’s top priority: Finance Minister

Daily News Egypt
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Minister of Finance Mohamed Maait affirmed that the state has deemed the localisation of industry and deepening local production a top priority in the coming stage.

He also affirmed his keenness to deepen direct and effective communication mechanisms with the business community to get acquainted with any tax or customs obstacles they may face and work immediately to overcome them, as well as facilitate procedures for them.

This will play a role in stimulating investment and encouraging investors to expand their activities and productivity, especially during the current economic challenges, as per the efforts of the state to support the private sector.

In his meeting on Tuesday with representatives of the Egyptian Manufacturers Association that is headed by Walid Helal, Maait asserted that localising industry and expanding production are the path to development and job-rich economic growth, adding that the government has put forward many stimulating initiatives for the industrial community and the export sector.

Furthermore, after listening to several problems some manufacturers are dealing with, the minister ordered that a permanent office of tax authority workers is established within the Egyptian Manufacturers Association that will specialise in the immediate examination of any tax obstacles, provided that it begins by examining the outstanding issues in the dispute settlement committees in preparation for re-presenting them and reaching a resolution.

He also pointed out that there is a new electronic mechanism that allows refunding the value-added tax no later than one week from the date of completing the papers, adding that in order to facilitate the procedures for investors during the global economic challenges, an offset will be conducted between the taxes payable on exporters and their due balance from export subsidies at the Export Development Fund.

Additionally, Maait assured that he will discuss with the Minister of Trade and Industry flexible mechanisms to recover the value of exports from stricken countries.

He also confirmed the continuation of the Ministry of Finance in developing and digitising the customs system, which contributes to reducing the time for customs release, pointing out that it is crucial to maintain coordination with supply parties so that the inspection of shipments is completed within three days.

For his part, Helal expressed his appreciation for the minister’s keenness to communicate directly with the industrial community and closely observe the tax and customs challenges it deals with to address them immediately.

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