PwC Middle East in Egypt held its annual tax seminar, titled “Are you ready to transform your business?” on Thursday, 23 February at St. Regis Cairo.
The seminar was attended by Mohamed Maait, Minister of Finance, Hossam Haiba, Chief Executive Officer of the General Authority for Investment, Rami Mohamed, Deputy of the Minister of Finance, Mokhtar Tawfik, Head of the Egyptian Tax Authority, advisers to the Minister of Finance, including PwC tax experts, and business community leaders.
The seminar offered a significant opportunity for PwC’s tax experts, senior government officials and Egypt’s business community to discuss and share insights on the latest tax developments in Egypt including the unified tax procedures, the new amendments of the VAT and Stamp Tax Laws and the draft of the Income Tax Act 2023. Additionally, the seminar addressed the international tax updates and Pillar Two “Global Minimum Tax and its impact on businesses.”
Sherif Shawki, Tax Leader – Egypt, Kuwait and Libya at PwC Middle East said: “Egypt is undergoing an accelerated digital transformation which calls for timely actions to support and help businesses prepare for technological change in the tax landscape. In 2022, the Egyptian government issued new amendments to the VAT and Stamp Tax Laws providing projects operating within the economic zones of special nature with the advantage of being subject to VAT at 0% on the goods and services they’re exporting.”
Adding: “We are thrilled to have His Excellency the Minister of Finance leading the discussion during this year’s annual tax seminar to explore more on the future of investment in Egypt. We are committed to helping businesses navigate the latest digital developments in taxation and new local and global legislation to continue making informed business decisions.”
PwC’s Middle East Tax and Legal Leader, Mohammed Yaghmour, commented: “Fiscal reform is on top of government agendas, both globally and in the region. The Middle East in particular is experiencing rapid and massive transformation in the tax landscape given the pace of technological change within the tax environment.”
He added: “We are committed to helping organisations and industries reimagine doing business in the new normal as a trusted Tax and Legal Advisor in the region. We’re at the forefront of this transformation in the Middle East and we’re continuously investing in the tools and technologies that will help our clients.”
Maged Ezzeldeen, Country Senior Partner and Deals Leader in Egypt, PwC Middle East, commented: “I am very pleased to see the government’s latest initiatives and efforts towards achieving a more thriving, sustainable economy. At PwC Middle East, we are committed to supporting our clients from the public and private sectors with our expertise and know-how in order to keep pace with the changes in the local, regional and global markets and contribute to achieving the comprehensive sustainable development plan as per Egypt’s 2030 Vision.”
PwC’s Egypt Tax Seminar is an annual gathering to engage senior government officials, CEOs and CFOs of multinationals and large organisations, heads of authorities and industry experts on the recent developments in the economic, tax and legal landscape in Egypt.