By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt’s IDA gears up to provide its services for investors online
    Egypt’s IDA gears up to provide its services for investors online 
    March 29, 2023
    Egypt. Germany discuss promotion of cooperation in communications, digital transformation
    Egypt, Germany discuss promotion of cooperation in communications, digital transformation
    March 29, 2023
    Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
    Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
    March 29, 2023
    Volatile trading on EGX amid anticipation of interest rate movement
    Volatile trading on EGX amid anticipation of interest rate movement
    March 29, 2023
    Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt
    Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt
    March 29, 2023
  • Politics
    PoliticsShow More
    Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
    Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
    March 29, 2023
    Health Minister, UNODC discuss bilateral cooperation in combating drugs, corruption
    Health Minister, UNODC discuss bilateral cooperation in combating drugs, corruption
    March 29, 2023
    UAE President appoints Khaled bin Mohamed bin Zayed as Crown Prince of Abu Dhabi
    UAE President appoints Khaled bin Mohamed bin Zayed as Crown Prince of Abu Dhabi
    March 29, 2023
    Al-Sisi directs development of imams to keep abreast of contemporary issues
    Al-Sisi directs development of imams to keep abreast of contemporary issues
    March 29, 2023
    Egyptian Health Minister directs accelerating completion of New Heart Institute in El-Shorouk 
    Egyptian Health Minister directs accelerating completion of New Heart Institute in El-Shorouk 
    March 29, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Finance Minister denies reports of new taxes on economic activities
Share
Notification
Latest News
Egypt’s IDA gears up to provide its services for investors online
Egypt’s IDA gears up to provide its services for investors online 
Business
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Politics World
Egypt. Germany discuss promotion of cooperation in communications, digital transformation
Egypt, Germany discuss promotion of cooperation in communications, digital transformation
Business
Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
Business
Volatile trading on EGX amid anticipation of interest rate movement
Volatile trading on EGX amid anticipation of interest rate movement
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Finance Minister denies reports of new taxes on economic activities
Business

Finance Minister denies reports of new taxes on economic activities

Daily News Egypt
Last updated: 2023/01/14 at 8:09 AM
By Daily News Egypt 7 Min Read
Share
Finance Minister denies reports of new taxes on economic activities
SHARE

Minister of Finance Mohamed Maait has assured the business community in Egypt that the government has no intention to impose new taxes on economic activities.

Maait’s remarks came during his participation in the Egyptian Society for Taxation conference, which was held under the title, “Investment and Global Economic Repercussions, and their Impact on the Future Vision of the Tax System”.

Maait said: “We are keen on stabilizing tax policies, despite the harsh global economic challenges, as the consequences of the Coronavirus pandemic are intertwined with the negative effects of the Ukraine war, while emerging economies’ access to international markets has become more difficult in light of the uncertainty related to the war.”

He added that during the next few years, a regular conference will be held with the business community figures to announce the state’s tax policy over the next five years.

Maait affirmed the Finance Ministry’s commitment to the tax path that stimulates local and foreign investments. to move the economy in a sustainable manner; in a way that contributes to achieving high growth rates, which are reflected in laying the foundations for comprehensive and sustainable development, improving the lives of citizens and raising the level of services provided to them, and extending the social protection network while targeting the neediest and most cared groups, explaining that we are continuing to reduce the burden on productive activities; for industrial development and export promotion, with emphasis on priority sectors; to achieve development and economic goals and provide job opportunities, some legislative amendments have been made over the past years to approve more tax facilitations for the industrial and productive community.

He said that there is no intention to impose new taxes on economic activities, and there is no prejudice to the commercial and industrial profits tax rate, pointing out that, in implementation of the presidential directives, a draft law is currently being prepared to end all the old accumulated tax files, based in essence on the philosophy of the Small, Medium and Micro Enterprise Development Law, which covers 60% of the old cases, and there is another scenario for the tax treatment of the remaining 40%.

He added that we do not want to enter into tax disputes with the business community, and we extend our hand to everyone who wants to reconcile in tax files.

He pointed out that digital transformation will remain a fundamental pillar in the path of the Egyptian state. To ensure a more developed tax system comparable to global systems, based on a greater role for artificial intelligence in raising the efficiency of tax collection, and facilitating taxpayers, by simplifying, standardizing and mechanizing procedures, especially since digital systems contributed to increasing tax revenues during the first half of the current financial world at a growth rate Semi-annual approaching 20%, pointing out that the integration of the “electronic bill” system with the “electronic receipt” system contributes to integrating the informal economy, achieving tax justice, and then maximizing the state’s public revenues, creating a financial space to support social development, and mitigate the severity of the wave. global inflationary impact on the poorest citizens.

Maait also confirmed that there are 260,000 companies that have joined the electronic invoice system, and the monthly average of electronic invoices sent has reached 35 million automated documents, stressing that it will not be allowed to deal with any official authorities in the country, or refund the tax or carry out import or export unless for those registered with the electronic bill.

He explained that the legislative structure of the tax system has been developed; in a way that provides legal cover for modernization, mechanization and re-engineering of procedures in a way that gives them legislative authority, taking into account the vision of the business community in each legislation before referring it to the Council of Ministers and then the House of Representatives, by adopting the prior community dialogue methodology; in order to achieve the national interest, stressing that the Unified Tax Procedures Law established a legislative framework that codifies the unified mechanized tax procedures, which have been simplified, merged and digitized, to standardize the procedures for linking and collecting income tax, stamp tax, and value-added tax, in a way that contributes to the availability of services for taxpayers lectronically without the need to go to official offices, by going to the Egyptian Tax Authority’s electronic portal with the unified tax registration number for each of them, which includes all types of taxes subject to it, and making payments electronically using one of the non-cash payment methods.

He said that the new electronic system for preparing and managing the salaries and entitlements of workers, which was applied to 87% of state agencies, with various laws regulating their work; contributes to the standardization and automation of the rules, standards and procedures for calculating the income and insurance tax monthly through the “payroll” system in a way that helps ensure fairness among all employees, fair competition between companies in estimating their expenses, achieving the desired goals of strengthening the governance of the state’s financial system, laying the foundations for transparency, maximizing financial inclusion efforts, and collecting dues from the public treasury.

He indicated that we aim in the fiscal year 2023/2024, despite the unprecedented global economic challenges, to record a growth rate of 5.5% of GDP, to achieve a sustainable primary surplus of about 2% on average, and to put deficit and debt rates on a downward path, pointing to We aim to reduce the budget deficit to 5% levels in the medium term, with a target for the government indebtedness rate to decline to less than 80% of GDP by the end of 2027.

You Might Also Like

Egypt’s IDA gears up to provide its services for investors online 

Egypt, Germany discuss promotion of cooperation in communications, digital transformation

Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador

Volatile trading on EGX amid anticipation of interest rate movement

Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt

TAGGED: taxes
Share this Article
Facebook Twitter Email Print
Previous Article Shoukry heads to Riyadh for political consultation meeting with Saudi Arabia Shoukry heads to Riyadh for political consultation meeting with Saudi Arabia
Next Article Egypt's President follows up on Tahya Misr Fund's role in supporting social protection programmes Egypt’s President follows up on Tahya Misr Fund’s role in supporting social protection programmes
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Egypt’s IDA gears up to provide its services for investors online
Egypt’s IDA gears up to provide its services for investors online 
Business
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Politics World
Egypt. Germany discuss promotion of cooperation in communications, digital transformation
Egypt, Germany discuss promotion of cooperation in communications, digital transformation
Business
Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?