Stimulating investment across various sectors is a top priority for Egypt’s Finance Ministry, as part of a genuine partnership with the business community, Minister Ahmed Kouchouk has said.
The private sector has demonstrated a strong and swift response to economic and financial reforms, accounting for 65 per cent of total investment, Kouchouk added during a meeting with the chairman and members of the Egyptian Private Equity and Venture Capital Association (EPEA).
“We are serious about adopting any initiative aimed at enhancing the competitiveness of the Egyptian economy and driving economic growth,” a ministry press release quoted Kouchouk as saying.
The ministry has been pursuing a balanced and flexible policy that promotes fiscal discipline and stability while encouraging economic activity through attractive incentives, he noted.
“Maintaining fiscal surpluses helps put debt and the budget deficit on a downward path, giving us greater room for social spending,” he said.
The tax facilitation measures had succeeded because they have emerged from the tax community itself, stressing that the ministry would continue its efforts to simplify procedures and provide support, he added, noting that broadening the tax base would generate sustainable revenues that serve both investors and citizens.
According to the minister, tax revenues ghave recorded exceptionally high growth rates over the past two years, alongside an expansion of the tax base without changing tax rates.
Kouchouk described the proposed real estate tax mobile application as an initiative aimed at simplifying and improving services provided to citizens.
For his part, EPEA Chairman Ayman Soliman lauded the minister’s efforts to create an encouraging business environment that fosters confidence and partnership with investors.
Soliman added that encouraging real estate investment trusts (REITs) would strengthen the Egyptian Exchange’s position and attract more long-term institutional and international capital.
