(4 minutes read)
- Egypt aims to raise the private sector’s contributions to economic activity to 50 percent within three years
- Minister of Finance Mohamed Maait mentioned about various steps being taken by the government to promote private sector in the country.
- The “taxes digitization” projects are a successful model for partnership with the private sector
- The national project to modernize and mechanize the tax system is being implemented in cooperation with major international companies operating in Egypt, giving a leeway to the private sector culture.
Egypt aims to raise the private sector’s contributions to economic activity to 50 percent within three years. This was revealed by Minister of Finance Mohamed Maait. Mentioning about various steps being taken by the government to promote private sector in the country, he said that the “taxes digitization” projects are a successful model for partnership with the private sector. The national project to modernize and mechanize the tax system is being implemented in cooperation with major international companies operating in Egypt, giving a leeway to the private sector culture.
The Egyptian finance minister said that the tax digitization is consistent with the government’s efforts to open broad horizons to stimulate the business climate and maximize investment opportunities. Such efforts, he said, would give the private sector a predominant position, particularly in generating new jobs.
Egypt was one of the first countries in Africa and the Middle East to implement the electronic invoice system in cooperation with Ernst & Young and Microsoft. It has launched e-Finance, e-Tax and ITIDA, which led to efficiency of the tax administration. To enhance the governance of the tax system, the government is monitoring commercial transactions on a real time basis. The transparent system, he said, would contribute to stimulating investment, and is consistent with efforts to strengthen the financial governance of the state. It will also ensure optimal use of its resources, besides promoting private sector culture in the country.
