ETA poised to back Chinese firms' expansion in Egypt: Chief
She underscored that Chinese companies are among Egypt's most significant partners and confirmed ETA's full readiness to provide all necessary support for their expansion and continued growth.
Abdel-Aal proposed the formation of a permanent joint committee between the ETA and the Chinese Chamber of Commerce to further strengthen this partnership and deepen economic collaboration.
She noted that recent tax facilitation measures—enacted through Laws 5, 6, and 7 of 2025—have contributed to creating an ideal and investor-friendly tax environment. These laws represent a strategic shift in Egypt's taxation approach, resolving longstanding disputes and marking a new phase in business-state relations based on certainty, development, and mutual trust. She added that a simplified, integrated tax framework has also been introduced for small and micro-enterprises with annual revenues below EGP 20m.
Abdel-Aal highlighted additional institutional reforms, including the establishment of an Advance Rulings Unit that offers precise advisory services for investors planning to enter the Egyptian market, supporting feasibility studies with accurate, up-to-date data. A dedicated Complaints Unit has been launched to swiftly handle taxpayer grievances. Meanwhile, the Investor Support Unit has been upgraded, and new mechanisms for Central Clearing and VAT refunds have been rolled out—reducing the average processing time for VAT refunds to just 22 days from the date of application.
Ashraf El-Zayat, Head of the Audit Sector at the ETA, explained that Law 5 of 2025 supports economic formalisation by exempting past liabilities, allowing businesses to treat their date of registration with the ETA as the official start of operations. The law also permits the submission or amendment of tax returns for the period from 2020 to the date of enactment without incurring penalties or fines.
Speaking during the ETA's meeting with the Chinese Chamber of Commerce, El-Zayat also elaborated on the simplified tax framework for small and micro-enterprises earning under EGP 20 million annually. The law introduces a streamlined tax rate, beginning at 0.4% for annual revenues under EGP 500,000 and rising to a maximum of 1.5% for those earning between EGP 10m and under EGP 20m. It also provides partner taxpayers with free technical support and electronic point-of-sale (POS) systems.
Saeed Fouad, Advisor to the ETA Chair, stated that the authority has released comprehensive guides to unify auditing standards nationwide and prevent arbitrary assessments. Additional reference materials have been published to inform investors of their rights, responsibilities, tax benefits, and incentives—contributing to increased transparency and awareness of Egypt's tax framework.
These guides are available in multiple languages on ETA's official website, Fouad noted, adding that preparations are underway to launch the authority's first official English-language website. This initiative, he said, will lay the groundwork for future multilingual expansions aimed at promoting Egypt's tax culture on a global scale.
'We value our trade ties with Egypt, which serve as a model for development across the Global South—particularly in the Suez Canal Economic Zone,' said Chang Wei-Tsai, President of the Chinese Chamber of Commerce in Egypt. 'We extend our sincere appreciation to the ETA for their ongoing cooperation and strong support for Chinese enterprises operating in Egypt.'
Tsai added that the Chamber has become a vital link facilitating trade between China and Egypt, contributing to the creation of over 100,000 jobs for Egyptian citizens. He also expressed interest in expanding partnerships in clean energy—particularly solar, wind, and hydropower—supporting Egypt's transition to a green economy.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
an hour ago
- The National
Marco Rubio defends USAID closure as uncertainty surrounds future help to poorer countries
US Secretary of State Marco Rubio has defended the closure of the US Agency for International Development, which officially shut its doors on Tuesday after more than six decades of assistance to poorer countries. Five months after Elon Musk called USAID a 'criminal organisation' and said he had fed it into a 'wood chipper', the agency started by president John F Kennedy and credited with saving millions of lives around the globe no longer exists. Its remaining functions have been absorbed into the State Department, which will oversee a new 'America First' approach to international aid. In a statement, Mr Rubio gave parts of the Middle East and North Africa as examples of places that have received US aid but held a negative view of America. Since 1991, 'more than $89 billion invested in the Middle East and North Africa left the US with lower favourability ratings than China in every nation but Morocco", Mr Rubio said. 'The agency's expenditure of $9.3 billion in Gaza and the West Bank since 1991, whose beneficiaries included allies of Hamas, has produced grievances rather than gratitude towards the United States.' Beyond creating a globe-spanning 'NGO industrial complex' at taxpayer expense, USAID has little to show since the end of the Cold War, he said. 'Development objectives have rarely been met, instability has often worsened and anti-American sentiment has only grown.' Mr Rubio said Americans should not pay taxes to fund failed governments far from the US. 'Moving forward, our assistance will be targeted and time-limited.' USAID was known globally for providing life-saving help to poorer countries, including medicine to combat HIV and Aids. Its termination comes amid several new reports projecting that cuts to US aid could lead to millions of preventable deaths. The Lancet, which analysed data from 133 low and middle-income countries from 2001 to 2023, estimates that USAID-funded programmes helped to prevent more than 91 million deaths over the past two decades, including 30 million among children. If the cuts continue, researchers project 1.8 million excess deaths in 2025 alone, with a total of 14 million by 2030 – including 4.5 million children under the age of five. 'US aid cuts, along with the probable ripple effects on other international donors, threaten to abruptly halt and reverse one of the most important periods of progress in human development,' the study said. Mr Rubio said USAID had marketed its programmes as a charity, rather than instruments of American foreign policy intended to advance US interests Former presidents Barack Obama and George W Bush, and Irish singer Bono, on Tuesday questioned the Trump administration's closure of USAID, including funding cuts to a popular Aids and HIV programme known as Pepfar (the President's Emergency Plan for Aids Relief). Mr Obama called the dismantling of USAID 'inexplicable' and 'a colossal mistake.' Washington has been the world's largest humanitarian aid donor, amounting to at least 38 per cent of all contributions recorded by the UN. It disbursed $61 billion in foreign assistance last year, just over half of that through USAID, according to government data. The State Department denied criticism, saying countries want investment opportunities, not handouts. 'We think that the best thing we can do, from a moral perspective, to lead to development and a betterment of life all around the world, is to invest in the peace and prosperity of those countries,' a senior State Department official told reporters. 'Which means trade, investment, sort of growing our bilateral connection that way so that's the administration's view at least.' The official also said reports that Pepfar funding will not continue are inaccurate. 'The Secretary said, many, many times, Pepfar will continue, will become more efficient and we believe, more impactful,' the official said.
Zawya
3 hours ago
- Zawya
Egypt's Rock Developments launches $142mln Rock Green Project in New Heliopolis
Egyptian-Canadian real estate firm Rock Developments has launched Rock Green, a new residential project in New Heliopolis City, with total investments of 7 billion Egyptian pounds ($142 million). The 17-feddan project will be developed in three phases, comprising 466 residential units ranging from 116–236 square metres and 40 standalone villas, CEO Emad Doss told Zawya Projects. The developer expects to generate EGP 1.5 billion ($30 million) in sales from Phase 1, which is set for delivery in 2029. 'Rock Green represents a significant step in our strategy to create integrated urban communities that prioritise green space and quality of life,' Doss said. Over 85 percent of the land is dedicated to landscaped areas, including a 20,000 sqm central park, walking trails, water features, and community amenities. Board Member Parthena Doss, who leads the project's architectural design, said Rock Green integrates 'modern living with the serenity of nature,' and emphasised its car-free, privacy-focused layout with no commercial zones inside the compound. Key amenities include gym, yoga. outdoor workspace areas, EV charging stations, bike parking, and jogging tracks, kid's area and dog parks. Rock Developments currently manages a land portfolio exceeding 5 million square metres (sqm), with more than 20,000 units across 10 projects, and a total investment value of EGP 20 billion ($404 million). It is also the largest developer in Sheraton Heliopolis, with over 70 residential and commercial buildings. As part of its expansion, the developer plans to launch five new projects in East and West Cairo and the New Administrative Capital in the second half of 2025, targeting EGP 5 billion in contracted sales ($101 million). (Reporting by Eman Hamed; Editing by Anoop Menon) ( (1 US Dollar = 49.46 Egyptian pounds) Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Zawya
3 hours ago
- Zawya
The 2025 Food and Agriculture Organization of the United Nations (FAO) Awards honour organizations from Colombia, Egypt, and the Philippines for their contributions to agrifood systems transformation
The Food and Agriculture Organization of the United Nations (FAO) announced the winners of the 2025 FAO Awards, recognizing organizations from Colombia, Egypt, and the Philippines, whose work has led to outstanding progress in building more efficient, inclusive, resilient and sustainable agrifood systems. On Monday, FAO Director-General QU Dongyu presented the Champion Award and Partnership Award during the 44th FAO Ministerial Conference held in Rome. 'These Awards are more than an acknowledgment of achievements - they represent FAO's core values and aspirations. The ceremony is a celebration of possibility and hope of what happens when commitment and innovation meet the urgent call to transform global agrifood systems,' he said. The FAO Champion Award, the Organization's highest corporate award, which carries a prize of USD 50,000 and recognizes significant and outstanding contributions towards advancing FAO's overall goals, was conferred to la Confederación Mesa Nacional de Pesca Artesanal de Colombia (COMENALPAC), for its tangible results across organizational, social, economic and environmental dimensions, including championing social protection measures for fishers and played a key role in drafting laws against illegal fishing, thereby improving the welfare and rights of fishing communities. Since 2017, COMENALPAC has represented over 800 groups of marine and freshwater fishers across Colombia. Its work has contributed to the design and implementation of key legislation, including Law 2268 of 2022, which guarantees social benefits for commercial and subsistence fishers. Through an FAO–COMENALPAC partnership, the organization has strengthened fisher communities in Tumaco by eliminating intermediaries, increasing incomes, and promoting inclusive market opportunities. It has also led to the restoration of 83 wetlands, contributing to aquatic biodiversity and more sustainable food systems. The organization was further praised for helping secure the legal recognition of more than 120,000 fishers and for its role in incorporating the concept of 'Aquatic Agrifood Ecosystems' into Colombia's National Development Plan. In addition, within the same category, a Special Mention was also awarded to Youth Uprising, a Philippine-based non-profit organization recognized for its intense engagement of young people in transforming agrifood systems. The FAO Partnership Award — valued at USD 10,000 and recognizing outstanding cooperation with FAO in advancing the Organization's work by its Members — was presented to The Egyptian Food Bank (EFB), the first Egypt NGO focused on addressing food insecurity, providing support to over 24 million people through comprehensive food assistance, nutrition, and empowerment programs. Among the EFB's most notable initiatives are the Community Nutrition Programme, the Ramadan Food Loss Initiative, and the Resilience Index Measurement and Analysis (RIMA). EFB's programs have benefited over 150,000 families and more than 60,000 schoolchildren. Its work also includes capacity-building for small-scale producers and support to 1,200 farmers — particularly women — promoting sustainable agricultural practices and economic inclusion. The FAO Director-General bestowed the awards to representatives of the organizations who attended the ceremony in person. Adriana Rocío Cadena Cancino, Director of la Confederación Mesa Nacional de Pesca Artesanal de Colombia (COMENALPAC), received the Champion Award on behalf of the organization. Mohsen Sarhan Ali Gamal Ali, Chief Executive Officer of The Egyptian Food Bank (EFB), accepted the Partnership Award on behalf of his organization. 'These awardees remind us that transformation is already happening and must accelerate. Let us continue working hand in hand for the transformation of global agrifood systems to be more efficient, more inclusive, more resilient and more sustainable,' Qu added in his closing remarks, with a reference to the FAO Four Betters – better production, better nutrition, a better environment and a better life, leaving no one behind. Distributed by APO Group on behalf of Food and Agriculture Organization (FAO).
