Minister of Finance, Ahmed Kouchouk, highlighted the ministry’s upcoming period is structured around four main axes, each with distinct goals that focus on economic resilience, debt management, fiscal reform, and enhanced social protections, in a recent plenary session before the House of Representatives.

Kouchouk emphasized the government’s goal of creating a sustainable partnership between the revenue sectors, the business community, and financial supporters to bolster economic resilience and attract investment.

As part of this strategy, the government launched an ambitious tax facilitation package designed to build a true partnership between revenue departments and the private sector.

The tax facilitation package, central to the Ministry’s reform strategy, consists of 20 measures to be implemented throughout FY2024/2025.

This package aims to lighten the burden on financiers, streamline administrative procedures, and foster a more collaborative relationship between the tax departments and the business community.

He noted that the full implementation of the tax facilitation package is expected by June 2025.

Kouchouk highlighted that Egypt’s long-term vision includes an integrated tax system covering all tax bases, allowing for a more comprehensive and effective revenue model.

He pointed out that tax revenue rates increased by 45%.

  The next budget will cover the medium-term, comprising of 3-years worth of expected budget for the first time, Kouchouk added.

For the first time, the government has set binding limits on debt levels, which cannot be exceeded without parliamentary approval, underscoring a commitment to fiscal responsibility and accountability.

The government has allocated sufficient funds for essential services, including medicine, basic goods, and the stability of the electricity sector, Finance Minister confirmed.