Egypt’s 1st package of tax facilities marks strong cooperation with business community: Kouchouk
Updated 11/6/2024 1:09:00 AM
Arab Finance: The first package of tax facilities marks a solid start for partnership with the business community in order to improve the investment climate, Minister of Finance Ahmed Kouchouk stated during a parliamentary session.
Through this package, the government aims to alleviate burdens on taxpayers, attract new investors, and back liquidity for partners, the minister said.
The public-private partnership (PPP) investments in Egypt reached EGP 19.8 billion in the previous fiscal year (FY) of 2023/2024, Kouchouk highlighted.
The ministry is carrying out six new PPP projects this FY, with over EGP 27 billion in investment, Kouchouk pointed out.
This move is set to further encourage private sector participation in the economy, he indicated.
Additionally, Kouchouk stated that the government achieved the highest primary surplus of EGP 90 billion in the first quarter of the current FY, as well as the highest annual growth rate in tax revenue of 45% in over 20 years without any extra burdens on taxpayers.
The ministry is also implementing a comprehensive strategy to reduce debt levels and lower external debt dependency, he added.
The government is targeting cutting external debt by around $2 billion by the end of this year.
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