The Egyptian cabinet has approved the amendment of certain provisions of the Unified General Finance Law and referred it to the House of Representatives for discussion next week, according to a statement by the Finance Minister, Mohamed Maait.

This amendment aims to establish what is commonly known as the "general government budget," ensuring the principle of comprehensive budgeting is upheld. These include the state's overall budget, along with the budgets of 59 economic entities, encompassing both revenues and expenditures.

This integration will take place gradually over a span of five years, and the beginning of presenting the “general government budget” will be during the fiscal year 2024/2025.

Maait added that after this amendment for the first time the government will be presenting 61 budgets, which are the general government budget, the budgets of 59 economic entities, and the general state budget. The total revenue will reach about EGP 5 trillion, while the revenues of the state’s general budget only amount to EGP 2.1 trillion, Maait added.

Maait also said that the ministry will submit a Tax Policy Strategy for Egypt 2024/2030 document to the National Dialogue.

Maait indicated that the state’s public treasury bears the value of the tax on built properties used in practicing some industrial and productive activities, for a period of 3 years until the end of 2026, which amounts to EGP 1.4 billion annually.

He pointed out that about EGP 54 billion have been disbursed to exporting companies since the start of implementing initiatives to pay late dues to exporters in October 2019.