Minister of Finance
This came within the framework of the national project for upgrading and mechanizing the customs administration.
He also hoped that the Egyptian-Sudanese joint economic committee would exert more efforts to remove all trade barriers.
The minister cited reports issued by international economic institutions about Egypt’s economy and their optimistic and positive outlook on Egypt’s economic performance for the coming years.
In a press release on Wednesday, the minister said the tax imposed on the sale of real estate was reduced from 5 percent to 2.5 percent in 1996 to lift the burden on the citizens.
The minister pointed out that the first phase of the electronic invoice system, which was launched on November 15, was successfully completed.
The minister emphasized that the budget for the current year 2020/2021 has a growth in public expenditures by about 9 percent, and a growth in tax revenues by about 13 percent.
"We found a good opportunity at a low cost and a long term that provided access to debt instruments in hard currency, which would help improve the debt structure."
The government managed to achieve an initial surplus of LE14 billion as a result of expansion in investment and development projects.
These bonds will also provide the required financing to deal with the crisis and repercussions of the Coronavirus pandemic, financing financial stimulus initiatives and the needs of the health sector, as well as financing social protection and human development programs.
He added that on the 30th of next June, Egypt will have paid LE 360 billion.
The door is open for joining the second stage from February 7 to February 28.
In a ceremony to honor Salah Mohamdy, head of the Public Taxes Mission Corporations, the minister thanked the tax officers who expose corruption and reject bribes .
He stressed that the decline indicates the success of the Ministry of Finance's efforts in reducing the cost of financing due to financial discipline, diversifying funding sources
Total tax revenues rose by about 10 percent during the period from July to December 2020 to reach about LE 334 billion, compared to about LE 304 billion during the same period of the previous fiscal year.
The tax, under the new law, will be a simplified one that doesn’t require records, documents or purchase invoices.
The elaborate implementation of the economic reform program and dealing with a proactive methodology helped a lot in containing the repercussions of the coronavirus crisis, and mitigating the shock.
Marking the first anniversary of the mega national project, Maait said the strong political will was the key factor on the success of the comprehensive health insurance system.
Maait confirmed, in a TV interview on, Saturday, that Egypt did not address a number of international banks regarding the offering, denying a previous Bloomberg report indicating this.
The Egyptian official said in a statement on Thursday that the ministry prepared "Challenge and Achievement" report about the economic performance during 2020 for the second year in a row.
He also pointed to an increase in new exports for the fifth month in a row, believing this improvement in the performance of companies reflects a strong economy in Egypt.
