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Thursday, 29 July 2021

Sisi urges private sector to maximise its role in economic development

Sisi also emphasized the need to iron out any difficulties in this respect, according to a statement by Presidential Spokesman Bassam Rady

MENA , Monday 7 Jun 2021
President Abdel Fattah El Sisi during the meeting
President Abdel Fattah El Sisi during his meeting with Prime Minister Mostafa Madbouli, Finance Minister Mohamed Maait, Deputy Finance Minister for Fiscal Policies Ahmed Kouchouk and Deputy Finance Minister for Public Treasury Affairs Ehab Abou Aish on Monday, june 7, 2021. Photo courtesy of Egypt's presidential spokesman Facebook page
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President Abdel Fattah El Sisi has directed the government to support the role of the private sector as a valued economic development partner in the near future.

Sisi also emphasized the need to iron out any difficulties in this respect, according to a statement by Presidential Spokesman Bassam Rady.

The president made the directives during a meeting with Prime Minister Mostafa, Finance Minister Mohamed Maait, Deputy Finance Minister for Fiscal Policies Ahmed Kouchouk and Deputy Finance Minister for Public Treasury Affairs Ehab Abou Aish, to follow up the progress of some in the underway projects to improve the ministry's performance.

Maait briefed the president on the Customs Authority' system improvement efforts to reduce clearance time by adopting a new Advance Cargo Information (ACI) system under a new single window platform that aims to modernize and automate customs administration and streamline clearance procedures. 

Maait also posted the president on the latest developments in modernising the national taxation system by introducing an e-invoicing system and digitilising the filing of tax returns.

The minister predicted a 10 per cent increase in income tax returns this year, compared to the last fiscal year.

In addition, the number of entities registered in VAT e-filing system also grew by a whopping 91 per cent, compared to 2018, the finance minister said, noting that VAT returns have also seen a remarkable increase at 45 per cent.

Maait also outlined the progress made in a project to adopt the electronic receipt management (B2C) system and the application of an e-payment system to collect government fees, which surpassed EGP 92 billion since the system was launched, the presidential spokesman added.

The meeting also took up the financial position of the Universal Health Insurance Authority whose revenues are anticipated to grow by about 25 per cent by June 20, compared to the same month last years.

Finally, the minister also shed light on the results of the latest expert-level review between the IMF and the Egyptian government, which reflected the government's success in meeting its economic targets. 

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