Significant progress made on improving tax neutrality and market competitiveness | Deputy FinMin

Egypt has made significant progress in fostering tax neutrality, aiming to empower the private sector and bolster its contribution to the national economy, explained Ahmed Kouchouk, Deputy Minister of Finance on Sunday.

During the inaugural annual conference of the Egyptian Competition Authority (ECA), Kouchouk emphasized the importance of recent legislative measures aimed at abolishing preferential tax treatments across all sectors.

These initiatives, covering tax, customs, and other incentives, have paved the way for a more level playing field, nurturing competitive neutrality and fostering an environment conducive to investment.

Kouchouk underscored the government's commitment to enhancing market competitiveness, stating that it is instrumental in driving economic growth and facilitating sustainable development.

He also revealed ongoing efforts by a ministerial committee to examine economic entities, ensuring adherence to principles of fair competition.

The deputy finance minister highlighted the government’s ambitious targets for limiting public investments to attract greater private investment, bolstering competitiveness and enhancing productivity, while increasing the role of the private sector in economic activity.

Egypt has placed a cap on public investments to EGP 1 trillion for the upcoming fiscal year to encourage the private sector’s contribution to the economy.

The state ownership policy document aligns with these objectives, pushing the transition towards a more competitive economy, he added.

Kouchouk highlighted the issuance of 2 annual reports detailing government reforms and measures in line with this policy, alongside comprehensive disclosures regarding exit deals.

A monthly report is now being published on the outcomes of public contracts for budget agencies, underscoring the state's commitment to transparency and fair competition, he noted.