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Gov’t studying new incentives to localize strategic industries | FinMin

More than EGP 80 million has been allocated as additional support for agricultural product exporters

By: Business Today Egypt

Tue, Dec. 21, 2021

The government is currently studying new incentive packages to localize strategic industries that will contribute to increase state production capabilities, expanding exports, and improving Egyptian products’ competitiveness in global markets, revealed Finance Minister Mohamed Maait earlier today.

According to the minister during a Lebanese Egyptian Businessmen Association conference, there are presidential directives aimed to create these packages, and there are several proposals being studied to stimulate industries such as textiles, spinning, and electric cars.

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Maait added that the government recognizes the private sector as a powerful engine of economic growth, which provides around 1 million job opportunities annually. The government is working on strengthening the private sector’s participation in development process, and maximizing its contributions to economic activity.

More than EGP 80 million has been allocated as additional support for agricultural product exporters, allowing the public treasury to compensate for the prices of shipping agricultural exports abroad, alleviate burdens, and encourage an increase in exports.

The modernization projects of the tax system are expected to be complete by the end of June 2022, with unified automated tax procedures system integrating with the electronic invoice system. So far, more than 100 million e-invoices have been received, with an average of around 650,000 daily, Maait pointed out.

In a previous statement, Reda Abdel Kader, head of the Egyptian Tax Authority revealed that over 4,200 companies have uploaded invoices and e-documents to Egypt’s new e-invoice system.

The minister noted that, starting from the fiscal year 2022-2023, the tax examination of financiers will be conducted in the same year as the submission of electronic returns, and there is an extensive timetable for the completion of the tax examination of the files of the past years. 

When asked, he emphasized that there is no intention for the Ministry of Finance and the Egyptian Tax Authority to prepare a new draft law to bypass delays, additional tax, fines, interest and similar non-criminal financial penalties.