Ministry probes issuance of green bonds, Sukuk on local market – Kouchouk
New packages addressing customs, real estate taxes to be announced
The National Press Authority (NPA), led by Abdel-Sadek el-Shorbagy, organised a seminar that was attended by Minister of Finance Ahmed Kouchouk.
The seminar aimed at boosting coordination on several priority issues, as well as reviewing the ministry’s plan to improve the quality of life for Egyptian citizens and boost economic performance.
The ministry faces various challenges across different sectors, and is successfully addressing them all, the NPA chief said.
He also lauded the ministry’s efforts in implementing financial policies to stimulate economic growth and aim to improve citizens’ living standards through social protection packages, in line with the directives and visions of the political leadership.
El-Shorbagy also commended the ministry’s efforts to improve economic indicators, ensuring the sustainability of a balanced fiscal policy, enhancing public financial performance, supporting productive and export sectors, encouraging entrepreneurship, and fostering partnerships with the private sector to attract foreign direct investments.
The NPA head emphasised the importance of Egypt’s national press as a key element of the country’s soft power, noting its vital role in enlightenment, education, raising awareness, supporting national issues and priorities, and countering rumours, especially given the current challenges faced by the Arab region.
For his part, Minister of Finance Ahmed Kouchouk said that the ministry is focusing on four priorities for the benefit of citizens, investors, and the Egyptian economy.
He referred to a solid partnership that began between the Egyptian Tax Authority and the business community, based on “trust, confidence, and support,” to facilitate the work of taxpayers, improve services, and ensure all rights and obligations.
The first batch of tax facilitation measures had been well received by tax partners, and its full implementation is expected by the end of the current fiscal year, he said.
He noted that old tax files before 2020 would be closed in a balanced and simplified manner, with more fairness.
For the first time, a simplified, integrated, and incentivising system for small and medium-sized enterprises and professionals with business volume up to LE15 million would be implemented, Kouchouk said
In the meantime, a cap on late payment fines would be introduced for the first time, which would not exceed the principal tax amount.
The ministry will encourage unregistered taxpayers to join the tax system with a fresh start, without demanding any overdue tax dues for previous periods.
New packages of facilitation measures to address challenges in customs and real estate taxes would be announced in the coming weeks for the benefit of both citizens and investors, he revealed.
He explained that the ministry is working on more comprehensive, open, and impactful financial policies to stimulate economic activities and productive sectors, while ensuring fiscal discipline.
Kouchouk confirmed that, during the first quarter of the next fiscal year, a strategy would be announced to improve all government debt indicators and tax policies, with plans to diversify funding sources and attract new local investors to reduce foreign borrowing and lower its cost.
For the first time, the ministry is considering issuing green bonds and Islamic sukuk on the local market, he revealed.
Meanwhile, the ministry is working on creating sufficient financial space within the budget to boost spending on human development, social protection, and improving citizens’ living standards.
Over the period, July-October 2024, there has been a 26 per cent rise in health spending and a 25 per cent increase in education spending. He further emphasised that larger allocations for health, education, and social protection would be prioritised in the new budget.
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