Business Hub – London
Mohamed Maait, Minister of May, held a series of intensive talks in the British capital, London, to attract direct investments to the Egyptian market and develop exports to European markets. Egypt and the financial and tax facilities provided by Egypt to investors and improving the investment climate within the framework of the economic reform program.
Localizing distinguished international experiences. In developing and automating the tax and customs systems , and benefit from European experiences in raising the efficiency of tax collection on e-commerce
Duringhis meeting with reprsntetives of the international company pricewaterhousecoopers، that there is a presidential mandate to maximize efforts to transform the digital economy in conjunction with the move to the new administrative capital; Through the expansion of technological solutions to facilitate procedures, stimulate investment and strengthen governance, He explained that we are keen to localize distinguished international experiences in developing and mechanizing the tax and customs systems. Benefiting from European experiences in addressing tax challenges arising from the digital economy, in a manner that meets the requirements of justice, It increases the efficiency of collecting the value-added tax due on the sale of products and goods or the provision of services through e-commerce; In line with international best practices, It helps in realizing the rights of the people in order to establish economic stability. Enhancing expenditures to improve the standard of living of citizens.
Minister said, In his meeting with representatives of the international company “PricewaterhouseCoopers” on the sidelines of his participation in the work of the “BEBA” trade mission in London, in the presence of Nisreen Lashin, Head of the Investor Support Unit at the Ministry of Finance, During the next short period, we will work on developing and declaring the 2030 strategic vision for Egypt’s tax policies and management to encourage the business and investment climate in Egypt.
He explained that there are presidential directives to work on preparing generations of human elements in the tax and customs systems that have the capabilities and expertise to deal with global systems and applications in the advanced tax and customs fields.
Expanding technological solutions to facilitate procedures, stimulate investment and strengthen governance
Minister added, That Egypt was able to be one of the first countries in Africa and the Middle East to successfully implement the electronic invoice system, It enables us to follow up on business transactions between companies through the real-time exchange of billing data in a digital format. In a way that prompted us to complete the process of digital transformation by launching the pilot system of “electronic receipt” to follow up on commercial transactions between financiers and consumers in real time in all outlets of sale and purchase and to provide services throughout the Republic; which contributes to the integration of the informal economy, and more accurately delineate the tax community, laying the foundations for tax justice, and equal opportunities for financiers in the Egyptian market, usurpation of the right of the state, in a way that helps to increase the size of the gross domestic product, Achieving economic and development goals.
The minister explained, That there is a “unified tax registration number” for each of the financiers or taxpayers that includes all types of taxes to which each of them is subject, Through it and through the website, they can submit all tax returns forms, up to 49 electronic forms, each according to his activity, whether for income tax, or employment tax, or acknowledgments of deduction and collection, or value-added tax, or stamp duty, In light of this, the value of the various types of taxes due is determined. Then the payments are made electronically by one of the non-cash payment methods.
The advance registration system for shipments“ACI”contributes to reducing customs release time
The Minister confirmed, The ACI system for pre-registration of shipments contributes to reducing customs release time. reduce the cost of import and export process, And then reduce the prices of goods and services in the local markets, and encourage Egyptian exports, facilitating trade and stimulating investment, Improving Egypt’s ranking in international competitiveness indicators.
Agricultural and industrial investment tops the presidential priorities, increasing domestic production of strategic crops and maximizing Egyptian exports
Dr. Mohamed Maait stressed that agricultural and industrial investment is at the top of the presidential priorities to achieve food security for Egypt. Maait said, “We aim to proceed with the implementation of the strategy to increase local production of strategic crops, reduce dependence on imports, stimulating Egyptian exports. Enhancing the competitiveness of agricultural crops in European markets, So that we can transform the exceptional plight of the global economy into promising investment and development opportunities for progress and growth by working on laying the foundations for self-sufficiency, and maximizing our production capabilities, Expanding the export base, especially in light of the challenges of the current global crisis, including the disruption of supply and supply chains, the high prices of goods and services and shipping costs, In addition to an unprecedentedly sharp inflationary wave, He explained that we are preparing with a package of incentives for new and green industries and those that target exports or reduce imports.
The International Monetary Fund sees the Egyptian economy as able to recover from the current global crisis
Minister said, In his meeting with George Kanaan, President of the Arab Bankers Association, Ramy Abul-Naga, Deputy Governor of the Central Bank, Hani Al-Qeblawy, Director of Bank of New York, Sherif Samy, Chairman of the Board of Directors of CIB Bank, Todd Wilcox, CEO and Vice Chairman of HSBC Bank Egypt, Khaled Naseer, President of the Egyptian British Association, During his participation in the work of the trade mission “BEBA” in London, in the presence of Nasreen Lashin, Head of the Investor Support Unit at the Ministry of Finance, The International Monetary Fund believes that the Egyptian economy is capable of recovering from the repercussions of the current global crisis. and that joint discussions on the new program are proceeding well, It is expected to last for 3 years. without imposing any new burdens on the citizens, where we only aim to complete the structural reforms, and strengthening social protection.
Minister added, We are continuing to support the private sector in order to raise its contribution to more than 50% of Egypt’s GDP within 3 years from now. While working to motivate it to implement environmentally friendly development projects, Pointing to the launch of the “National Strategy to Combat Climate Change in Egypt 2050”, which contributes to the ability to adapt to the climate, and mitigate the negative effects in various sectors, in a manner conducive to sustainable economic growth, During the Egyptian presidency of the Climate Summit “COP 27” to be held in Sharm El-Sheikh next November, We aim to move from the stage of declared international commitments and commitments to the actual implementation of quick and tangible measures and measures to support emerging economies without restrictions; Through serious initiatives to reduce the cost of green finance, in a way that helps lay the foundations for sustainable investment, Especially in light of the unprecedented global economic challenges.
2 billion pounds in the new budget to support the transition to environmentally friendly projects
The minister explained, Egypt has made great strides in infrastructure development, Egypt has made great strides in infrastructure development, Through the implementation of green investment projects that are environmentally friendly, Help radically change infrastructure to become more climate resilient, Noting that we succeeded in September 2020, In launching the first sovereign green bond issuance in the Middle East and North Africa, In a way that prompts us to expand innovative financing mechanisms by initiating procedures for issuing “sustainable bonds” in order to achieve sustainable development policies, EGP 2 billion has been allocated in the new general budget draft. To support the transition to environmentally friendly projects.
Minister indicated, Noting that we are keen to strengthen cooperation with international development partners to transition to a green and sustainable economy, In a way that achieves leadership and excellence in the field of innovative financing based on diversifying the sources of financing tools, It meets the requirements of development in all walks of life, And reduce the debt service bill, Especially in these exceptionally turbulent circumstances.