Minister of Finance
This step comes with the aim of helping to increase foreign exchange flows, and providing a portion of the foreign financing required to cover the needs of the Egyptian economy, in addition to continuing to achieve a primary surplus and growth in tax revenues.
Maait emphasized Egypt’s keenness for continuous coordination with the International Monetary Fund to maximize avenues of mutual cooperation that help achieve development, financial, and economic objectives.
According to the finance minister, Egypt seeks to improve the ratio by expanding automated tax solutions, specifically targeting the integration of the informal economy into the formal economy
Maait explained that Egypt is working closely with the AIIB, a multilateral global bank, to establish cross-border developmental partnerships, primarily led by the private sector.
As a founding member of the AIIB, Egypt aims to fortify connections between Africa and Asia and realize its sustainable development goals with the overall goal of improving the livelihoods of African citizens, Maait stated
Maait highlighted the state’s efforts to start paying higher wages and pensions to beneficiaries starting April.
Maait elaborated that Egypt’s budget deficit recorded its highest rate during the period between 1980 to 1985, reaching 13.8 percent, before it started to decline to range from 4.4 percent to 6 percent.
This will take place by engaging new cities and governorates to the initiative, Maait explained, noting that citizens of Upper Egypt’s Luxor and Aswan have been allowed to join the initiative.
The minister, meanwhile, said that the political leadership is keen on stimulating private sector activity, especially that Egypt has an advanced infrastructure and ability to accommodate investment expansion in the various sectors.
“Egypt is looking forward to doubling Japanese investments in Egypt, in order to consolidate the partnership between the two friendly countries, and in line with the bilateral cooperation relations," Maait added.
Maait added that it also aims to increase the proportion of its contributions from the total implemented investments to 65 percent, and attract foreign direct investments of $10 billion annually over the next four years.
In a statement on Monday, he said efforts are underway to magnify state's capabilities for the optimal handling of the repercussions of the current international economic crisis.
It is used worldwide for the uniform classification of goods traded internationally, and has been accepted by all Contracting Parties to the Harmonized System Convention
In a statement by the Finance Ministry, Maait said there are five stages to oblige the financers to register in the new system and issue electronic tax bills for the services and goods sold to final consumers.
He pointed out that the timing, size and type of offering will be determined later.
This came in a statement released by the Finance Ministry on Sunday on the outcome of Maait's meeting with Head of the Sudanese Customs Authority Bashir Al Taher and his accompanying delegation.
Since the beginning of the implementation of the initiatives to return the “arrears” of the dues of the exporting companies in October 2019 so far, the exporting companies have been supported with LE 28 billion; It is a support that was not previously allocated to the export sector, reflecting the state's keenness to stimulate exports.
Maait added that the real estate tax is one of the oldest types of taxes in the legislative system, noting that it is a tax imposed when real estate is disposed of by sale, and the burden of which is borne by the seller, not the buyer.
We are moving ahead with our reform and development march through achieving a balance and flexibility among the adopted financial and economic policies, Maait said in a statement Thursday.
Maait, in statements Monday, talked about serious action to seal deals with big private hospitals and health centers in all governorates.