Egypt emphasizes boosting investment, production, exports: ETA’s acting head

Ahram Online , Tuesday 16 Jan 2024

The Egyptian government is prioritizing the stimulation of investment, production, and exports in order to boost economic growth in the future, said Rasha Abdel-Aal, acting head of the Egyptian Tax Authority (ETA).

ETS s meeting.
ETS s meeting.

 

Acknowledging the prevailing global and local tensions, the government believes that a collaborative effort between the public and private sectors is imperative to achieve economic development, according to a statement by Ministry of Finance.

Abdel-Aal’s statements were made during a gathering of the Egyptian Tax Society (ETS) in the presence of influential figures from the tax and customs sectors.

Abdel-Aal affirmed that by June, the country intends to resolve all tax disputes related to establishments with a turnover not exceeding EGP 10 million (about $320,000).

Abdel-Aal further expressed the government's intention to expand the use of electronic systems including artificial intelligence (AI) to expedite their resolution.

"We are committed to engaging in open dialogue with the business community to carefully consider the proposals presented, with the aim of forging an enticing and stimulating investment environment," she added.

During the meeting, Ramy Youssef, deputy minister of finance for tax policy and reforms, emphasized the government's dedication to collaborating with and seeking proposals from the private sector, particularly in the realm of tax system enhancement.

Youssef added that the government aims to foster economic development and propel production and investment forward through its collaboration with the private sector.

Furthermore, the government is preparing to raise the tax exemption threshold, currently at EGP 45,000, to promote tax fairness, Minister of Finance Mohamed Maait said on Saturday.

Maait also outlined plans to publicly discuss Egypt's tax policy strategy for the years 2024 to 2030 in February.

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