Minister of Finance Ahmed Kouchouk announced that an electronic system for clearing between investors’ dues and debts will be launched next month, offering investors enhanced liquidity. He also revealed that exceptional solutions would soon be implemented to resolve all tax files and disputes up until 2020.
Kouchouk made this statement during his first open meeting with business community representatives in Alexandria, held at the headquarters of the Chamber of Commerce.
“We are fully aware of the tax and customs challenges, and we will work together to address them and strengthen the role of the private sector,” Kouchouk affirmed. “Although the situation is not easy, we are confident in our ability to overcome these challenges. Our goal is to foster a positive relationship with taxpayers by offering practical solutions and exceptional benefits that encourage voluntary tax compliance,” he added.
The Minister also emphasized that the Ministry of Finance is implementing 20 new measures designed to significantly improve the tax environment for large, medium, and small businesses. He stressed that the Ministry has developed a realistic approach to these challenges and is focused on providing practical solutions, supported by modern communication strategies to clarify its vision. Additionally, Kouchouk highlighted that the Ministry is committed to ensuring proper implementation of tax procedures and is working to enhance the performance of tax-related staff through training, qualification, and a performance-based rewards system.
Kouchouk also introduced a new sample inspection system for taxpayers, reinforcing the Ministry’s commitment to rebuilding trust and confidence with its partners. Furthermore, he discussed the simplified tax system for small taxpayers, aimed at supporting startups and entrepreneurship.
“Our financial and tax policies are aligned with the government’s broader economic priorities, empowering the private sector to lead growth and development,” he stated. He also mentioned that the Ministry’s first package of real estate tax facilities would be unveiled next month, with customs facilities expected by year’s end.
Kouchouk reaffirmed his dedication to enhancing the role of financial policies in driving economic growth and ensuring increased spending on critical sectors such as health, education, and social protection. He highlighted the importance of governance in economic performance, noting that for the first time in years, the proportion of private investments in total investments has reached 63%. Additionally, 17 public-private partnership projects were announced in the first half of the current fiscal year.
The Minister also provided an update on the country’s fiscal health, stating that the government is employing an integrated strategy to reduce debt, inflation, and external debt. He pointed to the success of the Ras El-Hekma deal, which boosted foreign exchange reserves and helped reduce external debt by about $3 billion.
Ahmed El-Wakil, Chairman of the Federation of Chambers of Commerce, expressed support for the Finance Minister’s initiatives, recognizing the positive steps being taken to create an attractive investment environment. “The openness shown by the Ministry of Finance is vital for building trust with the business community and simplifying procedures,” he said.
El-Wakil emphasized the importance of fostering competitive neutrality, deepening local industry, and enhancing the competitiveness of Egyptian products to attract investment and boost exports, which are key to sustaining economic growth and job creation.
