Egypt to introduce major tax reforms, investment measures in September

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Arab Finance: Egypt will introduce significant tax reforms and measures to attract investments next September, Prime Minister Mostafa Madbouly revealed.

This announcement will be made by the Ministries of Finance and Investment in the first half (H1) of September.

Described as "revolutionary," these measures are aimed at facilitating investment, easing foreign trade procedures, and meeting the needs of the private sector.

During a Cabinet meeting in New Alamein City, Madbouly highlighted the government's ongoing commitment to economic reforms.

He emphasized the state's efforts in supporting the private sector, which contributed 37% to economic activity in fiscal year (FY) 2023/2024, up from 27% a FY earlier.

Madbouly noted that Egypt plans to increase the private sector’s contribution to the economy to over 50% within the current FY.

The Prime Minister also discussed upcoming announcements about improving key economic indicators and reducing Egypt's external debt which recorded a decline to $153 billion from $168 billion.