Finance Min.: No Change in Tax Policy

By: Taarek Refaat

CAIRO, Dec. 16 (SEE)- Finance Minister Mohamed Maait said on Sunday during the American Chamber of Commerce' conference that the ministry has no intentions to change its tax policy.

Maait added that the Egyptian Tax Authority (ETA) is not aiming at limiting foreign direct investments (FDI) from flowing into the country but, attempts to reconstruct a new perception towards investors.

"Reforming the tax policy can have such devastating impact on the country's economy and the flow of investments," Maait added.

"Before passing the new bill, the ministry organizes beneficial negotiations with stakeholders and investors to reach a suitable agreement," he noted.

Maait emphasized that the ministry is currently drafting a new tax law on e-commerce and social media advertisements. The draft law is expected to be passed by June 2019.

The ministry is willing to reconstruct the ETA through a bill of new laws with the aim of initiating progressive tax reforms by 2020.

"We aim at fostering economic growth rates through automation, new bills that serve investors and resolve tax disputes" he added.