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30.03.24 12:56

Egypt announces establishment of Supreme Tax Council

This initiative aims to support the government's economic reform measures

This council, led by the Prime Minister Mostafa Madbouly, is composed of the heads of industry unions, chambers of commerce, investor groups, as well as representatives of the business community, tax associations, accountants and experts in economics, finance and taxation from academic fields.

The initiative aims to support the government's economic reform measures to develop the private sector and stimulate investment by encouraging investors to develop their businesses and export, thereby strengthening the economy and boosting growth. This is reported by Daily News Egypt, a partner of TV BRICS.

Finance Minister of Egypt Mohamed Maait said the diverse representation in the council allows stakeholders to influence and monitor tax policies through robust institutional arrangements. The council will have a broad mandate to design a progressive tax system to attract investment and regulate the tax relationship between investors and the state.

The duties of the supreme tax council include reviewing tax legislation, executive regulations and matters referred by the Cabinet of Ministers. Its purpose is to improve the efficiency of tax administration, ensure tax neutrality and encourage voluntary compliance with tax laws. The council will also address complaints and concerns of the tax community, providing solutions, technical support and legal advice to protect the interests of taxpayers.

Maait said the higher tax council will assist tax authorities in creating educational materials on tax audit rules and procedures, which will raise taxpayers' awareness of their rights and obligations.

There are also plans to issue a document describing taxpayers' rights, as well as continuous evaluation of tax administration initiatives to guarantee fair collection of taxes and customs duties.

Photo: iStock
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