Ahmed Kouchouk, Egypt's Minister of Finance, emphasized the government's commitment to engaging the business community and citizens in shaping economic policies that foster development and fiscal discipline. Speaking at a dialogue session with members of Rotary Nasr City, El-Shorouk, and 10th of Ramadan, Kouchouk outlined the government's efforts to create an investment-friendly environment that drives economic growth and encourages entrepreneurship. The Minister highlighted an ambitious strategy to improve Egypt's debt indicators, noting that public debt has been reduced to 89% of GDP, while external debt dropped by approximately $3 billion in the 2023/2024 fiscal year. These efforts are part of a broader plan to enhance public perception of the country's economic reforms. Kouchouk emphasized that private sector-led growth is critical for effective resource management and financial stability. He reassured business leaders that the government is committed to implementing incentive programs aimed at boosting economic activity, improving competitiveness, and supporting production and exports. The Finance Minister also touched on the government's commitment to building strong partnerships with the business community, grounded in trust, certainty, and mutual respect for rights and responsibilities. A key goal is expanding the tax base by integrating new taxpayers, which will enhance the government's ability to fund vital public services. Looking ahead, Kouchouk confirmed that the government is ready to implement the first phase of tax relief measures as soon as the necessary legislation is passed. These measures will offer small businesses, entrepreneurs, and professionals a simplified tax system, complete with incentives, exemptions, and facilitations across various tax types, including income tax, VAT, stamp duty, and development fees. Moreover, the government is introducing streamlined mechanisms for tax dispute resolution, further contributing to a stable and investment-friendly business environment. These reforms aim to support Egypt's broader economic goals, ensuring a stronger, more sustainable fiscal future.
