Egypt’s Minister of Finance Mohamed Moeit said on Monday that the Egyptian Tax Authority should work to maintain the government’s right to collect taxes “without any unfairness or arbitrary assessments.”
Moeit added during his meeting with the leaders of the Egyptian Tax Authority that the authority should set a strong foundation of trust with taxpayers and provide all the necessary facilities to stimulate the investment environment.
“Collecting the rights of the state obviates the need for further borrowing and debt,” he explained, noting the necessity of offering creative initiatives to raise tax efficiency.
The minister stressed that Egypt’s political leadership prioritise renovating the tax administration system, through automation, simplifying, and unifying its procedures “in a way that stimulates investment, boost productive capacities, and raises economic growth rates, which is the best way to expand the tax base.”
Furthermore, he pointed out that the government is working to develop and restructure the authority, develop the legislative framework through preparing a unified tax procedures law that was referred to the parliament, amend the Value Added Tax Law, and prepare a new income tax law.
“There is a presidential mandate to combat tax evasion, in a manner that leads to maximising public revenues and contributes to bridging the budget deficit and reducing the size of the debt, while providing the necessary finance for education and social spending,” Moeit concluded.