Minister: Egyptian Government to Introduce Improved Social Protection PackageSource: www.export-egypt.com 1/13/2024, Location: Africa |
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The Egyptian government is preparing to introduce a social protection package that encompasses various improvements, including wage and pension adjustments and an increase in the tax exemption threshold, said Minister of Finance Mohamed Maait, according to a Cabinet statement.
Maait highlighted Egypt's commitment to fostering public dialogue on the proposed state budget for the fiscal year 2024/2025, which commences in July 2024, to determine the country's priorities for public expenditure. Addressing the annual conference of the Egyptian Tax Society (ETS), Maait further outlined plans to present Egypt's tax policy strategy 2024-2030 to the public for discussion in February. The government aims to optimize the tax and customs systems, as these reforms play a crucial role in attracting increased investment to the private sector, which is expected to serve as the primary driver of Egypt's economic recovery and sustainable growth in 2024, he indicated. Maait emphasized the significant impact of automating the tax system, which resulted in a 26.9 percent increase in revenues during the fiscal year 2022/2023 without imposing additional burdens on investors. Furthermore, the automation contributed to a 43.6 percent rise in revenues from real estate transactions and a 67 percent increase in revenue from the gold sector, Maait added. He said the ministry also submitted a draft decision to the Cabinet, proposing an extension of the state treasury's responsibility for bearing the real estate tax burden on industrial projects, poultry farming, and other sectors until the end of 2026. In addition, Maait announced that a draft legislation amending the income tax law will be presented for public debate in February and then submitted to the Cabinet for approval. Maait underlined the government's commitment to enhancing Egypt's customs capabilities through establishing logistical centres, electronically integrating all ports via a unified platform, and implementing the Advanced Cargo Information (ACI) system, which enables electronic pre-registration of shipments. “These measures are designed to streamline the customs clearance process and ensure that all importers adhere to global quality standards for goods and merchandise,” he indicated. Furthermore, the government, Maait noted, has made efforts to expedite the customs release of strategic goods, medicines, petroleum and fuel supplies, and production materials for priority sectors. These endeavours have culminated in the release of over $72.4 billion worth of goods in various ports, including strategic goods valued at $19.1 billion and production supplies and raw materials worth $33.3 billion, from January to late December 2023, concluded Maait. |
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