World Courant
Finance Minister Mohamed Maait assured that there aren’t any new burdens within the Egyptian tax coverage technique for 2024/2030, no enhance in tax charges, and that tax charges are steady.
The Ministry of Finance is not going to take any step in direction of the adoption of this doc with out conducting neighborhood dialogue, he mentioned, stressing that the business and industrial revenue tax is not going to be affected.
“We wish the factories to operate, produce and supply employment,” the minister mentioned, assuring that the earnings tax fee would additionally not be affected.
He added that the tax exemption restrict can be elevated by 33 % on March 1 to cut back the burden on all authorities workers, together with the personal sector.
Maait famous that the state’s public funds will witness a structural reform to undertake the “common authorities finances” in order that it contains the whole revenues and expenditures of the final finances of the state and the budgets of financial companies.
With this modification to the Uniform Public Finance Act, tax revenues is not going to exceed 35 % of presidency revenues, estimated at 5 trillion kilos, Maait added.
Throughout the PwC annual tax conventionthe Minister confirmed the consistency of the State’s public funds in a way that mirrored the balanced and reassuring efficiency of the finances over the previous seven months.
The adverse penalties of the distinctive international financial challenges, the complexity of which is growing with the worldwide geopolitical tensions following the outbreak of the battle in Gaza, have affected the efficiency of the Egyptian financial system, he famous.
The minister referred to a decline in income actions and the doubling of the burden of public expenditure to satisfy the inevitable obligations and primary wants of residents as a result of rising costs of products and providers, influenced by an unprecedented wave of inflation sweeping all the world . .
In response to him, the federal government achieved LE173 billion in main surplus, in comparison with LE33 billion in the identical interval of the final fiscal yr, whereas the debt ratio fell and the finances deficit reached 5.8 % as a result of enhance in public debt. rates of interest.
Maait added that there are indicators that replicate an enchancment within the prospects of buyers in worldwide markets for the Egyptian financial system, because the required fee of return on Egyptian bonds in worldwide markets fell by 50 % and insurance coverage prices for these bonds fell.
Edited translation of Al-Masry Al-Youm
Egypt’s Finance Minister assures that tax charges is not going to be elevated
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