Egypt to introduce income tax laws for societal dialogue: Minister of Finance

The Egyptian government aims to ease the financial strain on its citizens through a new social protection package and the introduction of new income tax laws.

According to a release by the nation’s Ministry of Investment, the body intends to present a new levy for societal dialogue next February.

It further noted that directives of a presidential mandate have been outlined to improve wages and pensions, as well as raise the tax exemption limit again.

The Egyptian Minister of Finance Mohamed Maait revealed that the tax authority is close to completing a new draft law for income taxes, which will be presented for community dialogue next month.

He also indicated that the ministry is moving forward in taking the necessary legal measures to exempt strategic industrial projects from various types of taxes for a period of five years.

The ministry is also preparing a draft law to renew the regulations on ending tax disputes without resorting to the courts.

Additionally, Maait revealed that the ministry will launch a community dialogue on the new budget draft to determine public spending priorities.

Similarly, the tax policy strategy for the period of 2024 to 2030 will be presented for dialogue in February.

In the release, the minister noted that the entity will submit a structural reform of the state’s public finances to parliament before the end of the current fiscal year.

He pointed out that the ministry submitted to the council of ministers a draft decision to extend the state treasury’s bearing of the real estate tax on industrial and poultry projects and other sectors until the end of the year 2026, aiming to support and encourage industry and poultry wealth.

In the release, the body noted that these initiatives aim to foster financial, tax, and customs policies that are “more stimulating for investment, production, and export.”

Further noting that it seeks to provide financial and investment incentives for sectors of strategic importance and global competitiveness.

The ministry said: “We target more investment flows to the private sector, the engine of economic recovery and sustainable growth.”