Finance Minister Ahmed Kouchouk announced sweeping reforms aimed at enhancing the country’s tax services by the end of the fiscal year. Speaking to the Republican People’s Party at the New Administrative Capital, Kouchouk emphasized a new era of collaboration and transparency with the Tax Authority, promising to bolster trust within the business community.
Among the pivotal changes, Kouchouk unveiled the reintroduction of sample audits for all taxpayers, a measure designed to increase accountability and fairness. He also highlighted the upcoming pilot of the Centralized Electronic Clearing System, which will enable businesses to offset their government dues with receivables, alleviating cash flow challenges.
The integration of Egypt’s informal economy is set to proceed gradually, with the minister assuring that enhanced tax practices and targeted support will facilitate this transition. “Our goal is to foster a thriving environment where investors feel secure and can achieve substantial profits within a transparent framework,” Kouchouk stated.
Underscoring the importance of private sector involvement, Kouchouk revealed ongoing collaborations with the Minister of Investment and Foreign Trade aimed at reducing fees, streamlining collections, and enhancing investor relations. He noted a rising interest in public-private partnership (PPP) projects, particularly in the service and renewable energy sectors, as the government encourages private sector investment by scaling back public sector spending.
Kouchouk also outlined plans to increase expenditures on education and social protection, aiming to stimulate production and support entrepreneurship. Notably, the finance minister emphasized the potential for growth in Egypt’s IT service exports, which will be backed by additional incentives to drive expansion.
Looking to the future, Kouchouk introduced an ambitious export program for the next fiscal year, focusing on diversifying and expanding into new markets. He assured businesses of swift action to clear overdue export burdens, further enhancing Egypt’s export capabilities.
In alignment with the Medium-Term Budgetary Framework, the minister reaffirmed a commitment to performance-based budgeting. This approach is intended to improve spending efficiency and public service delivery. Kouchouk highlighted the government’s dedication to maintaining national dialogue, particularly engaging with youth, to ensure that Egypt’s economic priorities resonate with its citizens and potential investors.
