New Tax Facilities To Be Introduced Soon: Finance Minister

(MENAFN- Daily News Egypt) Egypt's Minister of Finance Ahmed Kouchouk announced that a new package of tax facilities will be introduced in the coming period to support the business community, stimulate economic activity, and build greater trust between taxpayers and the state.

Speaking at the launch of the twelfth edition of the Citizen's Budget report for fiscal year 2025/2026, Kouchouk said the state budget - which allocates EGP 742.6bn to subsidies, grants, and social benefits - reflects the government's commitment to all segments of society, including children, women, the elderly, and youth.

“Every pound spent from the budget is a message of support to Egyptian citizens, reflected in service and healthcare projects,” Kouchouk said, stressing that education and health remain central investments in both the present and future. He described the new budget as“the budget of growth, stability, and partnership with the business community... a budget for all Egyptians.”

The Minister emphasised that the budget is not merely a financial plan but a“societal vision rooted in the pulse of the Egyptian citizen.” He highlighted its focus on strengthening Egypt's financial position, supporting the private sector, expanding the social safety net, and advancing human development programmes.

Yasser Sobhy

Deputy Minister for Financial Policies Yasser Sobhy detailed the allocations, including EGP 150bn for fuel and electricity subsidies, EGP 160bn for food subsidies, EGP 54bn for social security pensions and the Takaful and Karama programme, EGP 13.6bn for social housing, and EGP 3.5bn for household natural gas connections. An additional EGP 5.9bn has been earmarked for health insurance coverage for students, female-headed households, children, and the Universal Health Insurance scheme, while funding for medicines has been raised to EGP 21.9bn.

Sarah Eid

Sarah Eid, Advisor to the Minister on Budget Transparency, noted that Egypt has made major strides in global fiscal transparency rankings. The country's Open Budget Index score rose to 49/100 in 2023, up from just 13/100 in 2012, surpassing the global average. Egypt also ranked eighth worldwide in the Public Participation Index and retained its first-place position in the Middle East and North Africa region for the second consecutive time.

Kouchouk underlined that the continued issuance of the Citizen's Budget for 12 consecutive years reflects the Ministry's commitment to transparency and public engagement.“Together, we build a strong, balanced economy,” he said.

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