Egypt aims to raise the ratio of taxes to the gross domestic product in accordance with international standards, Finance Minister Mohamed Maait said, without imposing new burdens on citizens by expanding automated tax solutions aimed at integrating the informal economy into the formal economy.
It also seeks to define the tax community more precisely to achieve tax justice and establish the foundations of fair competitiveness in the Egyptian market, he added.
According to the minister, the development of local resources aims to enhance the government’s ability to improve the lives of citizens, the services provided to them, contain global economic shocks resulting from the repercussions of the war in Europe that followed the coronavirus pandemic, and reduce inflationary burdens.
The government is pursuing balanced policies and more incentive to improve the structure of the Egyptian economy and shift toward production and export, enabling the government to sustain increased spending on health, education, and social protection, Maait added during the meetings of the International Monetary Fund and the World Bank held in the Moroccan capital Marrakesh.
He said that Egypt is working to provide more space for the private sector to increase its participation in the comprehensive and sustainable development process.
The Egyptian government is also working to stimulate new economic activities that are globally competitive, he added.
This will enhance production capabilities, contribute to developing public revenues, maintain rates of financial discipline, and keep up the country’s safe economic path in light of the complexities of the current global economic situation, the minister noted, and the more flexible strategy this requires to meet development needs.
