Tuesday March 5th, 2024
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New Social Protection Package Tackles Pensions & Tax Exemptions

A law facilitating the settlement of accumulated tax for entities with a turnover of less than EGP 10 million is being studied.

Cairo Scene

New Social Protection Package Tackles Pensions & Tax Exemptions

Egypt's Minister of Finance, Mohamed Maait, has revealed a presidential directive to create a new social protection package that includes improvements in wages and pensions, as well as the reinstatement of tax exemptions.

A structural reform for the General State Finance will be presented before the end of the current fiscal year. The Tax Policy Strategy for Egypt 2024/2030 will also be open for public dialogue next month.

The government is working on developing the tax and customs systems, aiming to establish investment-friendly policies. Utilising artificial intelligence, the government seeks to optimise state revenue utilisation and integrate informal activities into the formal economy.

Additionally, a new law that facilitates the settlement of accumulated tax files for entities with a turnover not exceeding EGP 10 million is being studied to go into effect. The government is also extending the state treasury's exemption from property tax for industrial and poultry projects until the end of 2026, while finalising a new income tax law project and providing tax exemptions for strategic industrial projects.

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