Egyptian Minister of Finance Ahmed Kouchouk, hailed the Egyptian Federation for Micro, Small, and Medium Enterprises (MSMEs) as a “genuine partner” in the rollout of new tax incentives.
“We are committed to providing unprecedented tax incentives to every individual and company in Egypt,” Kouchouk said during an open dialogue with investor association heads at the MSMEs federation premises.
The ministry has been focusing on monitoring the implementation of the initial package of tax incentives to improve tax services, to broaden the base through “trust and partnership”, aiming to encourage voluntary compliance, he said.
Small businesses, entrepreneurs, and startups have been a priority for the government aiming to incentivise national economy and growth, Kouchouk said.
The ministry has managed to pull down barriers to small investor registration through “tax facilitations,” and the Tax Authority was providing support.
He outlined nine tax exemptions under the simplified tax system for businesses with annual revenues up to 20 million Egyptian pounds ($646,000).
“We are considering additional incentives and financial support for the first 50,000 financiers who register for the first time under the simplified tax system,” he said, adding that registrants could access other state benefits, including financing and export support.
For his part, MSMEs Chairman Alaa el-Saqti said it was “very important” that all enterprise owners benefit from the tax incentives.
He also credited Kouchouk’s “new approach” to tax administration with stimulating economic activity and investment.
The dialogue was attended by Deputy Finance Minister for Tax Policy Sherif el-Kilani and Deputy minister for financial policy Yasser Sobhi, and Egyptian Tax Authority head Rasha Abdel Aal.
