Minister of Finance
The government is ready to take all measures and make decisions needed to limit the negative impact of that pandemic on the Egyptian economy, Ma’it said.
"TRIPTIK" cars will be exempted from the fine imposed until the return of land and sea travel between countries.
Minister of Finance Minister Mohamed Ma’it presented the proposed amendments of some provisions of the VAT law to the Ministerial Economic Committee.
A total of LE 682.5 billion was allocated for the sectors of health, education and scientific research, compared to LE 545 billion in the FY 2019/20.
Minister of Finance Mohamed Ma’it affirmed in a statement Monday, June 15 that there is no prejudice to the tax rate in the draft amendment of the value added law.
These allocations represent the costs borne by the state to support the low-income strata who are benefiting form the social housing program.
Ma’it added that the state treasury will bear the loan’s burden until the company achieves operating rates equivalent to 80 percent of the operating volume in 2019.
The economic reform program has also reinforced the national economy in the face of challenges and crises, he said.
The presidential directives are clear to support the exports, saying that the exporters will pay 30 percent of their arrears by the end of this fiscal year with a minimum limit of LE 5 million.
Ma’it added that the budget project for the coming fiscal year 2020/2021 was expected to achieve an initial surplus of 2 percent, but that after the occurrence of the corona virus crisis, this surplus is expected to drop to only 0.6 percent.
Maait made his remarks during a meeting of the parliament's plan and budget committee to debate a government bill for imposing a new fee to develop state financial resources.
Despite the tough decisions adopted by the state to carry out economic reforms, the situation would likely not be as good as now, Maait said.
The price of gas and electricity for factories has been reduced with a total value estimated at LE 10 billion borne by the state treasury, the minister said.
The boost will contribute to creating new jobs, paying financial dues of contractors and upgrading services, he said.
The exporting companies will be excluded from submitting a certificate of tax position to pay their dues with the Export Support and Development Fund until the end of June.
Ma’it clarified Monday that 20/21 draft budget reflects the directions of the political leadership to improve the standard of living of citizens.
Ma’it added that the country came in the fifth place globally in terms of the economic growth, with a growth rate of 5.6 percent.
The single window system is subject to continuous development, especially the system of standardization and mechanization of customs procedures.
The report said the total spending recorded LE 303.3 billion in the three months.
Ma’it added that the unemployment rate fell from 13.3 to 7.5 percent and the inflation rate from 36 to 3.4 percent.