Egypt’s Minister of Finance, Ahmed Kouchouk, highlighted the government’s commitment to strengthening the private sector at the Economic Forum in Hurghada. He announced plans for a simplified tax system to support small businesses and startups, and emphasized the importance of trust and collaboration in tax reforms. A new tax and customs incentive package is set to be unveiled soon, aimed at fostering sustainable economic growth.
In a recent address at the Economic Forum in Hurghada, Egypt’s Minister of Finance, Ahmed Kouchouk, underscored the government’s priority of reinforcing the private sector as a pivotal element of its financial strategies. Organized by the Center for International Private Enterprise along with the Alexandria Business Association, Kouchouk articulated the necessity of attracting investments through targeted support for small investors, startups, and entrepreneurs in fostering economic growth.
Kouchouk unveiled plans to implement a simplified tax system aimed at benefiting small businesses and entrepreneurs. This initiative is part of a larger strategy intended to stimulate expansion and innovation through substantial incentives. He acknowledged the current tax framework’s complexity and stressed the importance of ongoing reforms to enhance taxpayer services.
During his remarks, he emphasized the integral role of trust, partnership, and certainty in the pursuit of effective tax reforms. In response to the concerns expressed by the business community, he assured that the Ministry would address key challenges decisively. Kouchouk indicated that a comprehensive tax and customs incentive package would be presented shortly, affirming the Ministry’s commitment to transparency and inclusive dialogue with private sector stakeholders.
Furthermore, he elaborated on a strategic vision tailored to making fiscal policies more favorable for private sector investments, particularly in sectors such as production and manufacturing. At the same time, the Ministry of Finance is working on a strategy to reduce national debt and improve financial indicators, allowing for more governmental spending on critical areas such as health care, education, and social protection.
Kouchouk reiterated the government’s dedication to promoting the private sector as a fundamental aspect of encouraging sustainable economic growth and productivity. The expected tax and customs incentives are anticipated to significantly contribute to these objectives, fostering a robust environment for business development.
The focus on bolstering the private sector is a strategic pivot for Egypt’s economic policy, which seeks to leverage entrepreneurship as a driver for growth. Minister Kouchouk’s remarks occur in a context where investment and innovation are essential for economic recovery and sustainability. The government’s prior efforts have included the revision of tax laws and enhancing taxpayer services to nurture a supportive ecosystem for emerging businesses and startups.
In conclusion, the Egyptian government’s commitment to enhancing the private sector reflects a strategic move towards sustainable economic growth and productivity. The planned introduction of a simplified tax system and the promise of a forthcoming incentive package are pivotal steps in creating an enabling environment for businesses. By addressing challenges and fostering collaboration between the government and the private sector, Egypt aims to achieve significant economic advancements.
Original Source: www.dailynewsegypt.com
