Maait shared his comments during a meeting with a delegation from the General Federation of Egyptian Chambers of Commerce (FEDCOC), and its president, Ahmed El Wakil
Minister of Finance Mohamed Maait emphasized his ministry’s commitment to maintaining stable tax policies to encourage both domestic and foreign investments, with the aim of generating more employment opportunities and further empowering the private sector to contribute to the economy.
Quoted by an official release on Monday, the FinMin explained that this approach seeks to make the most of available resources and potential investment prospects, bolstered by a strong political will and advanced infrastructure that can accommodate the expected expansion of productive and export activities across various sectors.
In line with the government’s efforts to foster a more business-friendly environment, Maait highlighted various initiatives such as the golden licenses and the state’s IPO/privatization program.
Maait shared his comments during a meeting with a delegation from the General Federation of Egyptian Chambers of Commerce (FEDCOC), and its president, Ahmed El Wakil.
At the meeting, the FinMin stressed that abolishing tax exemptions for state-owned companies promotes investment by nurturing fair competition in the Egyptian market.
The stability of tax policies plays a crucial role in spurring domestic and foreign investments, explained El Wakil, creating an environment conducive to growth and assisting in the planning of future projects.
Maait pointed out that the implemented automated systems have aided in expanding the tax base and increasing revenues without imposing additional burdens on investors, contributing to the integration of the informal economy, supporting efforts to achieve tax justice and competitiveness, as well as facilitating tax examination processes.
A new draft income tax law will be subject to community dialogue in the near future prior to being presented to the Council of Ministers and the House of Representatives, Maait explained.
He added that the government is committed to streamlining customs release procedures for the benefit of both investors and citizens, and it welcomes proposals that help remove obstacles and facilitate trade.
Media sources recently revealed that the Ministry of Finance was developing a new draft bill to attract investors through new tax incentives, with a potential public viewing sometime in November.
FEDCOC president El Wakil expressed his gratitude for the finance minister’s efforts and eagerness to engage with the business community across various sectors, adding that dialogue between the two strengthens the connection between the government and the private sector, working toward national goals and strategic objectives.
