Egypt aims to ease investor burdens in coming period: Finance Minister
Egypt - Ahmed Kouchouk, Egypt's Minister of Finance, reaffirmed the government's commitment to reducing the financial and procedural burdens on investors, emphasizing that the focus remains on expanding the tax base rather than increasing rates.
In a statement released Monday, Kouchouk highlighted that ongoing reforms aim to alleviate both tax and non-tax pressures on businesses. This includes simplifying procedures and unifying collection authorities under a more efficient and investor-friendly system.
'We are implementing a practical and ambitious programme to reduce non-tax burdens and streamline obligations for our taxpayer partners,' he said, adding that a new package of incentives will be introduced in the next fiscal year to build on the current pro-growth tax trajectory.
The minister noted that the government is working to rebuild trust with the business community, pointing out that the initial set of facilitative measures has already encouraged many new taxpayers to enter the system.
Kouchouk revealed that preliminary results from the current incentive programme will be announced at a press conference before the end of the month.
He also observed growing optimism within the business sector and among senior officials at the Egyptian Tax Authority. 'A 38% increase in tax revenues over the past ten months—achieved without imposing additional burdens—is a clear signal that we are on the right track toward fostering a climate of trust and cooperation,' he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
an hour ago
- The National
US asset manager Harrison Street receives licence to open ADGM office
Harrison Street, a US-based real estate and infrastructure investment manager, has entered the Middle East market with the opening of an office at Abu Dhabi's financial hub ADGM. The company with $56 billion in assets under management has received a financial services licence from ADGM's regulator, the Financial Services Regulatory Authority, Harrison Street said on Tuesday. The move is part of the company's global expansion and positions it to 'better serve current and prospective clients in the region over the long-term', it said. Harrison Street is expanding into the Middle East market at a time when regional investors are increasingly seeking economic diversification and a broader range of international opportunities, including global real assets exposure, the company said. 'While we've been providing Middle Eastern investors with exposure to demographic-driven real asset strategies for quite some time, we are excited to now formalise our presence in the Middle East,' Christopher Merrill, co-founder, chief executive of Harrison Street, said. Harrison Street joins a growing list of asset managers, insurers, financial institutions and investment houses that have chosen to set up a base in the financial hub of UAE capital, to use it as the platform for their regional expansion. In February, German asset manager Patrizia was granted approval by the FSRA to start operations at ADGM. The Augsburg-based company, which has about €55 billion ($57.7 billion) in assets under management, plans to arrange and advise real estate investments for clients in the region. The two real estate managers add to a stream of companies including BlackRock that are eager to tap into the Middle East's growing investment market. New York-based BlackRock, the world's top asset manager with nearly $11.5 trillion in AUM, in November received a commercial licence to operate at ADGM. In September, ADGM welcomed its first trillion-dollar asset managers: PGIM, the global asset management business of the New York Stock Exchange-listed Prudential Financial, and Chicago investment firm Nuveen, with both aiming to expand their operations and client bases in the Middle East. The flurry of new additions has pushed the number of firms in ADGM higher during the first quarter of this year, with assets under management also increasing by 33 per cent annually, the financial hub said earlier this month. The total number of entities operating at ADGM rose by 43 per cent annually to 2,781 in the first three months of this year, it said in a statement. At the end of last year, the financial zone had 2,381 operational entities.
Zawya
an hour ago
- Zawya
Dubai conglomerate Al Habtoor eyes investments in Syria
Dubai-based Al Habtoor Group is looking to invest in Syria as the country moves forward with reconstruction and economic recovery. The company's founding chairman, Khalaf Ahmad Al Habtoor, confirmed on Monday his plans to visit Syria in the coming days to explore potential investment and cooperation opportunities. The UAE entrepreneur will lead a high-level delegation of senior executives from Al Habtoor Group, a diversified business with interests in the hospitality, automotive, car leasing, real estate, education and publishing sectors. 'Syria is a country rich in culture, history and capable people. We believe in its future potential and are eager to play a role in its revival through meaningful projects that generate employment,' said Al Habtoor. He said the company looks to Syria 'with great confidence,' citing the energy and resilience of its citizens. 'As an Arab group with regional roots, we consider it both a moral and economic responsibility to stand as a partner in rebuilding stable and thriving societies.' Prior to the businessman's visit, a team of senior officials from the company will arrive in Damascus to conduct preliminary exploratory studies and meet with relevant authorities. (Writing by Cleofe Maceda; editing by Seban Scaria)
Tahawul Tech
an hour ago
- Tahawul Tech
Amazon to invest $20bn in cloud infrastructure
said recently it plans to invest at least $20 billion in Pennsylvania to expand data centre infrastructure, adding on to the billions of dollars the technology giant has committed to the expansion of artificial intelligence. This underscores Big Tech's commitment to making hefty investments to support booming generative AI technology, as the world's biggest companies race each other to deliver the most sophisticated AI models and cloud services. The investment in Pennsylvania comes less than a week after Amazon said it will invest $10 billion in North Carolina and announced plans to invest more than $5 billion in its new cloud infrastructure in Taiwan. The investment will create 1,250 high-skilled jobs and support thousands more in the Amazon Web Services data centre supply chain, the company said. Salem Township and Falls Township are the first communities identified as sites for future campuses, according to the company. Amazon's capital expenditures totalled about $25 billion in the first quarter, and the company has said it expects to maintain that level of spending for the rest of the year. Amazon did not immediately respond to a request for additional details on whether the $20 billion investment was part of the previously announced capital expenditure plans. The company also did not specify a timeframe for its investment. Source: Reuters Image Credit: Amazon
