Ministry of Finance Resolves 54K Tax Disputes

By: Taarek Refaat

CAIRO, Dec. 15 (SEE)- The Minister of Finance Mohamed Maait revealed on Saturday that 54 thousand tax disputes have been resolved since 2016 with a total value of EGP 12.5 billion.

He stressed during his meeting with members of the Chamber of Commerce in Alexandria that tax settlements were reduced by 50 percent to reach EGP 6.5 billion. "I believe that taxes are not the only governmental source of income but, one of them," he added.

Maait noted that the government is encouraging foreign direct investments (FDI) to increase revenues without imposing burdens on citizens, stressing that tax incentives will be granted to industries that promote exportation and create employment opportunities.

Regarding the latest export subsidy entitlements, Maait stated that the government distributed EGP 1.2 billion of receivables during the past 6 weeks, noting that the remainder will be considered during the second half of the current financial year.