Egyptian Finance Minister Mohamed Maeet announced a new income tax draft law is now being prepared taking into consideration all economic and IT developments.
Maeet said a draft decision was finalised for insurance on all buildings of government institutions and bodies, which will be referred to the cabinet before the end of this week.
Speaking at the inaugural session of the 5th edition of Sharm Rendezvous Insurance Forum in Sharm El Sheikh on Monday, Maeet said that Egypt is one of the countries most affected by the Russian-Ukrainian war, that created a kind of pressure on the economy, currency and tourism as well.
“We act to attain balance and mitigate the impacts of the inflation wave,” added the finance minister.
The latest package, which was announced by President Abdel Fattah El Sisi will be applied in October, he pointed out.
Maeet voiced hope the inflation wave will decrease next year, saying the state seeks to have a share of public investments of nearly 25 per cent and the remaining percentage will be left to the private sector to boost its role and empower it economically.
The forum kicked off today under the auspices of Prime Minister Moustafa Madbouli with the participation of 980 experts from 33 different countries.
The private sector must be a partner in applying universal health insurance law through insurance companies despite different challenges, said the Egyptian official.
The two-day forum is held under the theme: “insurance industry: stepping forward facing obstacles.”
The forum will tackle topics of key concern to the insurance industry in Egypt such as medical insurance, Egypt’s Comprehensive Health Insurance Law, climate change and natural disasters.
Chairman of the Financial Regulatory Authority (FRA) Mohammed Farid, Chairperson of the Insurance Federation of Egypt (IFE), Alaa El-Zoheiry, South Sinai Governor and Assistant Emigration Minister for Communities Affairs Amr Abbas will address the inaugural session.
The forum serves as platform for sharing experience between local and global insurance companies, with the participation of the world’s largest insurance companies.
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