South Korea's Lee in Japan for talks ahead of crucial Trump meeting    "Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



No tax hikes or new burdens, societal dialogue is essential: Minister of Finance
Published in Daily News Egypt on 11 - 02 - 2024

The Minister of Finance, Mohamed Maait, announced that the state's public finances are resilient and stable, despite the global economic challenges and geopolitical tensions that have affected the Egyptian economy. He said that the government has achieved an initial surplus of EGP 173bn in the past 7 months, reduced the debt-to-GDP ratio, and lowered the budget deficit to 5.8%.
Maait also said that the international markets have shown confidence in the Egyptian economy, as evidenced by the 50% decrease in the required return and the cost of insurance on Egyptian bonds. He added that the state's public finances will undergo structural reform to adopt the general government budget, which includes the revenues and expenditures of the state's general budget and the 59 economic entities. He said that this would limit the tax revenues to 35% of the total government revenues of EGP 5trn.
Maait stressed that there will be no increase in tax rates or new burdens in the tax policy strategy for 2024/2030. He said that the tax brackets, the corporate and industrial profit tax, and the income tax rate will remain unchanged. He explained that the tax exemption threshold will be raised by 33% starting from March 1st, which will result in a 73% increase from July 2023 to March 2024.
Maait also said that tax performance is improving through the use of modern technology to speed up and ensure the accuracy of the annual periodic audit processes while reducing human intervention. He highlighted the government's success in implementing the electronic invoice system, the electronic receipt system, and the electronic declaration system. He said that these initiatives enhance tax governance, integrate part of the informal economy, and increase tax revenues by 42% to 44%.
Maait confirmed that the government is working to provide a sustainable mechanism for resolving tax disputes outside the courts. He said that by June of this year, tax disputes will be resolved through the simplified lump-sum tax system, as stipulated in the law for small and medium-sized enterprises, for any establishments or companies whose business volume does not exceed EGP 10m.
Maait made these statements during his participation in the annual tax conference of Price Waterhouse Cooper. The conference was attended by Ambassador Soha Gendi, Minister of State for Immigration and Affairs of Egyptians Abroad, as well as several bank presidents, MPs, and other public figures.


Clic here to read the story from its source.