Minister of Finance
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.
Maait said the aim of issuing Sukuks is to finance the state general budget, as well as investment and development projects included in the budget.
It is part and parcel of a national project to build a comprehensive digital administrative system, the minister said.
Maait called on the customs officials to continue their duties and facilitate the procedures in a way that beefs up investments.
These indicators come in the ministry’s plan to gradually improve the economic indicators in the economic indicators.
The Egyptian Minister of Finance Mohamed Maait, confirmed Tuesday, that the reduction of debt is greatly reflected on citizens in improving their daily lives, increasing investments, creating job opportunities and improving the services provided to them at the level of the Republic.
Minister of Finance clarified that this comes as a result of the expansion of development investments that reflect the success of the state, in achieving a balance between preserving the health of citizens and turning the wheel of the national economy.
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