Mohamed Maait, Minister of Finance, affirmed his keenness to listen to investors, conduct an open dialogue about the tax and customs challenges, and work to overcome any obstacles, in a manner consistent with efforts to simplify procedures aimed at stimulating the business climate and attracting more investments and supporting the private sector so as to play a greater role in the development process of the country.
Maait said, during his meeting with Ahmed El Sewedy, Chairperson of Elsewedy Electric, and his accompanying delegation, that the ministry supports any legislation that contributes to encouraging industry, agriculture, and export; promoting economic growth; and providing more job opportunities. He directed the relevant officials of the Tax Authority to study several proposals to facilitate tax refund procedures, in a way that helps in providing sufficient cash to continue production, in light of the provisions of tax laws.
The Minister of Finance explained that in response to the desire of the business community, there will be a draft law soon to amend some provisions of the Comprehensive Health Insurance Law, to deduct the Takaful contribution for comprehensive health insurance from the tax base, and to give the Cabinet the authority to consider exempting some revenues from being subject to the Takaful contribution to health insurance in accordance with the requirements of stimulating economic activity. He directed the competent officials of the Tax Authority to study the executive mechanisms to ensure that the Takaful contribution to the comprehensive health insurance is not deducted for the same product more than once, taking into account the multiplicity of companies of the same group producing the commodity.
