Egypt to launch 2nd package of tax facilities by FY2025/26-end: Kouchouk
During his speech at the Canada-Egypt Business Council, Kouchouk noted that tax revenues grew by 35% in fiscal year (FY) 2024/2025, without recording an increase in tax burdens and rates.
The growth rate of tax revenues to the gross domestic product (GDP) also approached 1%, with no burdens, he added.
He indicated that around 500,000 taxpayers voluntarily submitted new or amended filings, with additional taxes nearing EGP 60 billion.
Moreover, 170,000 requested to close old tax files, with the government refunding EGP 7.5 billion to VAT payers.
Around 70,000 taxpayers also joined the simplified tax system, with the government targeting to approve various incentives for the first 100,000 taxpayers from small businesses joining the system.
Touching upon Egypt's economic status, Kouchouk highlighted that the economic growth rate doubled from 2.4% to 4.2% during the first nine months of FY 2024/2025, hitting 4.8% between January and March 2025.
The minister added that the industrial growth exceeded 15% after two years of slowdown, and tourism grew by 17%.
The communications and information technology sector continues to achieve high growth rates, and non-oil exports increased by 33%, while average inflation fell to less than 15%.
In FY2024/2025, Egypt achieved the highest primary surplus of 3.5% of GDP, while spending on health, education, and vital sectors increased.
He explained that the private sector is moving at an encouraging pace, accounting for 65% of total investments and achieving an annual growth rate of 73%.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. 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
Zawya
4 hours ago
- Zawya
Workshop on Documentation and Distribution of Vegetable Seeds
The Ministry of Agriculture organized a workshop to discuss a draft resolution aimed at documenting and distribution of vegetable seeds developed at agricultural research centers and those entering the country through various means. The seminar was attended by Ministry staff from all regions and agricultural experts. Mr. Tekleab Misgina, Director General of Regulatory Services at the Ministry of Agriculture, stated that the national committee established in 2024 to regulate the distribution and quality of various crops, cereals, and oil seeds has commenced its activities by developing a guideline to support its operations. In the first half of 2025, a guideline to regulate potato seed quality was prepared, and regulations for vegetable seed quality have been finalized. Mr. Tekleab added that both domestically improved and imported vegetable seeds will be assessed through specific quality measures, documented, and issued certificates before being distributed to farmers. At the workshop, participants discussed papers on the importance of documentation and regulation of vegetable seeds, and the significance of adhering to established guidelines and regulations. Extensive discussions followed the presentations. Distributed by APO Group on behalf of Ministry of Information, Eritrea.
Zawya
6 hours ago
- Zawya
Egypt: President El-Sisi Reviews Progress of Transport, Industry, and Infrastructure Projects
Today, President Abdel Fattah El-Sisi met with Prime Minister Dr. Mostafa Madbouly, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry Lieutenant General Kamel El-Wazir, and Presidential Advisor for Financial Affairs Lieutenant General Ahmed El-Shazly. The Spokesman for the Presidency, Ambassador Mohamed El-Shenawy, said President El-Sisi was briefed during the meeting on the implementation status of projects under the Ministry of Transport and Industry, particularly those related to the railway system. This included Al-Arish –Taba railway line and the completion of Bir El-Abd–Al-Arish railway line projects that are expected to contribute significantly to the development of the Sinai Peninsula and to the establishment of a logistical corridor linking the Red Sea to the Mediterranean Sea. The meeting also addressed updates on the development of seaports, given their pivotal role in the national development agenda. In this regard, the implementation progress of several key ports was reviewed, including Ras Sedr Port, Gargoub Port, Abu Qir Port, the Grand Port of Alexandria, the new El-Max Port, the continued development of Sokhna Port, the establishment of Taba Seaport, and ongoing development at Damietta Port. The meeting further covered the progress in constructing the fourth metro line in Cairo and the high-speed electric train project. Additionally, efforts to develop and enhance industrial zones in Wadi Al-Saririya and Al-Motahhara in Minya Governorate, and northern Fayoum in Fayoum Governorate, were discussed. These initiatives fall within the broader framework of promoting industrial development in Upper Egypt and creating more job opportunities for local residents, especially in labor-intensive industries such as textiles and ready-made garments. President El-Sisi emphasized the need to complete all projects according to their specified timelines. The President gave directives to continue efforts to accelerate the implementation of integrated developmental logistical corridors that link production areas to the developing seaports, transforming them into world-class, high-capacity hubs. This integration with Egypt's modern transportation network including roads, highways, and railways is vital for positioning Egypt as a global center for trade and logistics. Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.
Zawya
9 hours ago
- Zawya
President El-Sisi Follows Up on Latest Developments in Industrial Projects
Today, President Abdel Fattah El-Sisi met with Prime Minister Dr. Mostafa Madbouly, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry, lieutenant General Kamel El-Wazir, Minister of Investment and Foreign Trade Engineer Hassan El-Khatib, Minister of Petroleum and Mineral Resources Engineer Karim Badawi, and CEO of the Environmental Affairs Agency Dr. Ali Hamid. The Spokesman for the Presidency, Ambassador Mohamed El-Shenawy, said that during the meeting, the President reviewed the latest developments regarding the implementation of industrial projects, the provision of necessary raw materials for industrial operations, means for securing the required financing, and efforts to establish partnerships with major international specialized companies, in addition to plans for marketing the products both locally and globally. The President emphasized the importance of petrochemical and mining industries implemented by the Ministry of Petroleum and Mineral Resources, given their role in maximizing the added value of Egypt's natural and mineral resources, meeting domestic market needs, exporting to international markets, and therefore contributing to the expansion of related industries. These efforts shall create job opportunities and boost returns for the national economy. President El-Sisi underscored the importance of accelerating the localization of related industries in Egypt and attracting investment to this vital sector. Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt. Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an 'as is' and 'as available' basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release. The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk. To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
