Egypt’s tax revenues rose by 38% in the first half of the 2024/2025 fiscal year. Plans are underway to triple economic stimulus program allocations next fiscal year. The government is committed to fostering private sector involvement and ensuring responsive policies to drive sustainable growth and competitiveness.
Egypt’s tax revenues experienced a remarkable increase of 38% during the first half of the 2024/2025 fiscal year, as reported by Finance Minister Ahmed Kouchouk. He attributed this surge to the government’s efforts in broadening the tax base and enhancing cooperation with taxpayers. This growth is anticipated to address several ongoing economic challenges, promoting stability and encouraging businesses to expand further.
For the upcoming fiscal year, Egypt plans to significantly increase its economic stimulus program allocations, tripling them compared to the current year. This strategy reflects the government’s commitment to fostering economic growth, supporting vital industries, and enhancing the overall business climate. Kouchouk noted that increasing private sector involvement is essential for achieving sustainable and inclusive development.
Kouchouk emphasized the need for a coherent and strategic approach from the economic ministerial group to ensure alignment of priorities under a unified vision for growth. The government seeks ongoing feedback from the business community to ensure that its policies remain responsive to the realities of the market. Measures are being adopted to provide flexibility in fiscal policies, reducing burdens on productive and export-focused sectors, enhancing Egypt’s competitiveness, and creating a more appealing investment environment.
Egypt’s financial outlook appears positive with tax revenue growth and ambitious plans for economic stimulus. The government’s strategies emphasize broadening the tax base, increasing private sector engagement, and ensuring responsive policies to market needs. Such initiatives signal a robust commitment towards sustainable economic development and a favorable investment climate.
Original Source: northafricapost.com
