Cairo: Minister of Finance Ahmed Kouchouk announced that the Egyptian government is undertaking significant tax and customs reforms to enhance the country's economic competitiveness. These measures are designed to increase state revenues without imposing new financial burdens on the public, with an emphasis on boosting spending in critical areas such as health, education, and social protection programs. Kouchouk shared these insights during an open dialogue with Ahmed el-Wakil, Chairman of the Federation of Egyptian Chambers of Commerce (FEDCOC), and representatives from the Matrouh Governorate.

According to State Information Service Egypt, the government aims to strengthen its partnership with the business community and the wider Egyptian populace, focusing on stimulating investment, employment, and overall economic competitiveness. The private sector is seen as a crucial player in delivering robust investment returns, supported by various facilitation measures and incentives.

The minister revealed that the tax and customs reforms are tailored to create a more conducive business environment, which has been well-received by the business community. Over 200,000 applications have been submitted to join the simplified tax system, with more than 750,000 new and amended tax returns filed, resulting in an additional EGP 97 billion in tax disclosures.

Kouchouk emphasized the government's commitment to a fully integrated electronic system to enhance services for citizens and taxpayers. The economic landscape is showing signs of improvement, with the private sector contributing to 60% of investments and sectors like industry, tourism, and information technology experiencing significant growth.

The customs system reforms are intended to lower investment and logistics costs, reduce processing times, and are complemented by a forthcoming second package of tax and customs incentives designed to provide further relief and encourage investment.

Ahmed el-Wakil highlighted the positive impact of genuine collaboration between the government and the private sector on Egypt's economic achievements, with tax and customs incentives playing a key role in restoring trust. Meanwhile, Matrouh Governor Mohamed el Zamlout pointed out the positive effects of infrastructure development on economic growth within the governorate, which boasts diverse resources and potential across various economic sectors.