Egypt's finance minister unveiled new social protection measures

Egyptian finance minister Mohamed Maait announced a directive to prepare a new social protection package. It includes raising wages and pensions, as well as restoring tax exemptions.

Maait noted that the government aims at creation systems that would rely on real tax decisions and use artificial intelligence applications. This approach will help to formalise Egypt's economy and to attract more investment. This is reported by Daily News Egypt, a partner of TV BRICS.

Maait said that electronic systems helped to increase tax revenues by 26.9 per cent in the last fiscal year, without placing an additional burden on investors. They also contributed to a 43.6 per cent increase in real estate revenue and a 67 per cent increase in gold sector revenue.

The government passed a new law strengthening the regulation of tax affairs, particularly for organisations and companies with an annual turnover of up to 10 million Egyptian pounds ($28.5 million). This law provides for a simplified tax system.

The property tax exemption for industrial, poultry and other projects will be extended until the end of 2026 to support these industries.

The government will continue to exempt strategic industrial projects from certain taxes for five years.