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Egypt
15.06.24 12:56
Economics

Egypt reports success in tax neutrality for private sector

Egypt reports success in tax neutrality for private sector


Egypt's Deputy Minister of Finance for Fiscal Policies and Institutional Reform, Ahmed Kouchouk announced significant achievements in establishing tax neutrality principles aimed at increasing the private sector's contribution to the country's GDP. He made a speech during the annual conference of the Egyptian Competition Authority (ECA).

The recently passed law removing exemptions for state-owned organisations engaged in investment and commercial activities reaffirms the government's commitment to fair competition. The move is aimed at creating a level playing field and encouraging private investment, which Kouchouk said is crucial for economic growth and sustainable development.

A high-level ministerial committee evaluates the performance of economic actors to ensure compliance with fair competition principles. This is reported by Daily News Egypt, a partner of TV BRICS.

ECA Chairperson Mahmoud Momtaz highlighted the Authority's key role in promoting competition and strengthening Egypt's economy. Over the past two years, the ECA has reviewed some 78 pieces of legislation to ensure neutral competition.

Momtaz said that ECA's 2021-2025 strategy, which is in line with Egypt's 2030 Development Strategy, was successfully implemented in the first three years. The Authority has surpassed its targets, especially in enforcing laws against anti-competitive practices.

It emphasised that an effective competition policy guarantees a level playing field for all market players, regardless of their background. Achieving that goal required coordination with relevant parties and institutions. Although the development of competition is challenging, Momtaz is confident that it is achievable.

Photo: iStock
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