Egypt’s Finance Minister, Ahmed Kouchouk, has announced the upcoming approval of a new simplified tax system designed to support small and medium-sized enterprises (SMEs), entrepreneurs, and professionals. The initiative forms part of a broader government strategy to stimulate investment and foster private sector development, thereby bolstering the country’s economy.

A key feature of the reform is the reintroduction of selective tax audits for all taxpayer categories, which is expected to enhance trust between businesses and the state. This is reported by Daily News Egypt, a partner of TV BRICS.

The Minister outlined plans to simplify the VAT (value-added tax) refund system and double the refund amounts. Additionally, a modern electronic settlement system will be introduced to streamline the handling of receivables and public debts for investors. 

The simplified tax system will be particularly beneficial for SMEs, entrepreneurs, and professionals with an annual income of up to EGP 15 million (US$ 298 thousand). It includes several benefits, exemptions, and simplifications in areas such as income tax, VAT, stamp duty, and state resource development fees. 

The Minister also announced a programme offering simplified financing for industrial companies, aimed at modernising production lines. The government will subsidise interest rate differentials to support increased production capacity and overall economic growth.

African Times published this article in partnership with International Media Network TV BRICS