New Supreme Council of Taxes Established by Presidential Decree

The Supreme Council of Taxes is a new governmental body that has recently been established by presidential decree, according to an announcement by Minister of Finance Mohamed Maait.

The membership of this council, which will be chaired by the Prime Minister, will include representatives from the industrial, commercial, and investment sectors as well as representatives from the business community, tax associations, accountants. The council will also include university professors in economics, finances, and taxes. Its purpose is to empower the private sector, stimulate investment, and encourage investors to expand their productive and export activities.

This body will also raise growth rates by increasing the private-sector participation in comprehensive, sustainable development. The council will have the power to make changes to the Egyptian tax system which will be implemented across state agencies. This new council will coordinate with the Ministry of Finance and the Supreme Council of Investment in its efforts to enact tax policy that stimulates economic activity.

One of the most important roles of the council will be to increase Egyptian tax revenue without imposing new burdens. The council hopes to do so by integrating the informal economy into the formal economy.