The Minister of Finance Mohamed Moeit said that the ministry will continue its efforts to enhance Egypt’s taxes regulatory framework, adding, “We have a lot to do in order to amend and improve the tax regulatory framework, but we won’t increase the rates or change the policy.”
This came during the Korean Egyptian business forum held on Tuesday on the occasion of reestablishing the Egypt-Korea Business Council (EKBC), in the presence of the Minister of Investment and International Cooperation Sahar Nasr, Minister of Trade and Industry Amr Nassar, and senior representatives from both the private sector and the government.
The ministry aims to simplify procedures concerning the future Income Tax Law that will be offered to the public for discussions within a couple of months, Moiet mentioned, addressing the Korean business community representatives.
The private sector will be the main driver of the Egyptian economy within the next five years, he noted, asserting the government’s plans to create a more efficient public sector.
Egypt’s GDP will reach 7% in fiscal year (FY) 2021/22 compared to the targeted 6% in FY 2019/20, the minister noted. “We are on the right track and we will continue our reforms to improve the standards of Egyptians lives,” he reassured.
Nasr called on Korean businesses to increase their investments in the local market. “We want more Korean companies to enter the market as the amount of Korean investments are about $500m, which is below our capabilities and opportunities,” she added.
Nasr asserted that Korean companies can boost their investment and trade relations with Egypt, benefiting from its presidency over the African Union in 2019.