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Finance Minister Ahmed Kouchouk talked up Egypt’s economic momentum and fiscal discipline at the Canada-Egypt Business Council, pointing to surging tax revenues and an improving debt trajectory. Kouchouk said tax revenues grew 35% y-o-y during the fiscal year 2024-2025 without increasing rates or introducing new tax burdens.
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More on the tax front: The government is preparing a second package of tax facilities and plans to publish a comprehensive tax policy document by the end of 2025.
We have been waiting: The Finance Ministry is set to finalize a new package of customfacilities within the coming weeks, with a separate real estate tax relief package expected in 1Q FY 2025-2026, Finance Minister Ahmed Kouchouk said previously.
The ministry says the trust-building tax strategy is paying off: Some 500k taxpayers voluntarily submitted new or amended filings, resulting in nearly EGP 60 bn in additional dues. Another 170k requested to close old files, while EGP 7.5 bn in VAT refunds were issued. Around 70k taxpayers also joined the simplified tax system, with incentives planned for the first 100k small businesses that sign on.
Debt reduction efforts are underway: Kouchouk acknowledged public concerns over debt, saying the government has already begun to reduce debt-to-GDP and intends to continue improving all key indicators. The Madbouly government is targeting a USD 1-2 bn annual reduction in the Finance Ministry’s external debt load. “We understand people’s concerns — and we’re acting on them,” he said.
ICYMI- The Planning Ministry last month revealed that the country’s economy grew 4.8% in 3Q FY 2024-25, its fastest pace in three years, driven by a rebound in non-oil manufacturing and a 12.7% y-o-y rise in finished goods exports. Average growth for the first nine months of the fiscal year rose to 4.2% y-o-y, up from 2.4% y-o-y a year earlier.
AND- It’s too early for a new social protection package, the Finance Ministry clarified in a separate statement, putting an end to recent media reports about an imminent new social support package.
