25 June 2019 06:30 PM

Maait:No change of tax policy for attracting investments

Monday، 17 December 2018 - 01:25 PM
Maait: No change of tax policy for attracting investments

Finance Minister Mohamed Maait on Sunday16/12/2018 said that the ministry will not change its tax policy, but it will work on developing its tax administration, warning that taking such a move could badly affect the country's economy with regard to attracting investments.

Speaking at a meeting organized by the American Chamber of Commerce in Egypt (AmCham), Maait clarified that the ministry targets drafting a tax treatment law on e-commerce, advertisements on social media platforms and other news websites. The proposed law is expected to be finalized by end of June 2019.

The minister asserted that the Egyptian Tax Authority (ETA) never aims to hinder foreign investments in the Egyptian market, but endeavors to change the philosophy of dealing with investors, in addition to entering into flexible discussions, with view to reaching prior agreements with investors.

The Ministry is aimed at raising economic growth rates, as well as automating measures to prevent direct communication between investors the ETA personnel, for the sake of reducing disputes and ongoing complaints from unfair estimates.

He went on to say that the ministry is working on restructuring the ETA and drawing up new laws, with the purpose of making radical changes to the tax policy by 2020, which in turn could contribute to luring further investments into the Egyptian market.


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