RIYADH: To improve ties with investors and tackle economic issues, Egypt has unveiled the “first step” of a new tax facilitation package.
Ahmed Kouchouk, the minister of finance, called for introducing policies aimed at improving productivity, streamlining the tax code, and promoting growth via higher exports and production. This comes after Mohamed Maait, his predecessor in the position, stated in January that the tax authority was nearing completion of a new draft income tax law.
During a press conference that Prime Minister Mostafa Madbouly was present at, Kouchouk announced that companies with yearly sales of up to 15 million Egyptian pounds ($309,525) will be subject to an integrated and streamlined tax system. This includes professionals, freelancers, small and micro businesses, and startups.
According to a post on the prime minister’s Facebook page, “We are targeting a tangible improvement felt by the business community in the quality of tax services provided to them in the tax regions and offices.” The announcement marked “the beginning of a new page” in the relationship between the business community and the tax authority, according to the minister of finance.
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