“Egypt is moving ahead with its structural reforms to improve the atmosphere of doing business and attract more foreign investors ...” Maait said
Egypt aims to raise its tax revenues by 15 percent during the current FY 2020/2021, which ends at the end of the month, said Minister of Finance Mohamed Maait.
Egypt’s expansion of the e-invoice system has improved the efficiency of the tax system, with 1,300 companies in the Egyptian market having submitted 13 million documents to register since the system was launched in February.
Maait's statement came at a seminar held with a delegation of South Korean investors, organised by the South Korea Embassy in Egypt.
“Egypt is moving ahead with its structural reforms to improve the atmosphere of doing business and attract more foreign investors to the market that is replete with investment opportunities,” Maait said at the meeting.
Read more on the tax reforms > Finance Minister announces unified tax procedures law’s regulations
Egypt is focused on enhancing the private sector’s role in the development process, being the driver for economic growth, Maait added.
At the beginning of June, the ministry imposed a 14 percent value-added tax (VAT) on all online delivery services provided by restaurants and shops as part of a new amendment to the VAT Act, also in line with the ministry’s efforts to boost tax revenues.
At the time, Maait added that the ministry was looking to increase tax collection by 18 percent in the coming fiscal year (FY), targeting total tax revenues of LE 983 billion during FY 2021/2022.
In April, the Ministry of Finance, through affiliate E-Tax, and Microsoft signed a MoU to allow the utilization of artificial intelligence (AI) techniques as part of the digital solutions for the Egyptian tax.
