President Abdel Fattah El-Sisi has directed officials to benefit from international experiences to reinforce the stability of financial and tax policies, with the aim of improving the business climate and boosting investment and production. He also stressed the importance of strengthening fiscal discipline and advancing the Egyptian economy, while maintaining a strong focus on social protection and human development.
This came during a meeting with the Prime Minister and the Minister of Finance, where they reviewed the outcomes of the tax facilitation initiative. The initiative has seen the submission of 110,000 requests to settle tax disputes and 450,000 new tax declarations, reflecting taxpayers’ confidence in the initiative.
The Minister of Finance announced that the number of taxpayers who applied to benefit from the tax incentives for projects with annual revenues not exceeding EGP 20 million reached 52,901. The meeting also discussed updates on the Ministry of Finance’s international issuance plan for the 2024/2025 fiscal year, highlighting the government’s success in reducing external debt by an amount ranging between $1 billion to $2 billion annually. The impact of fluctuations in global markets and geopolitical developments—particularly the war between Iran and Israel—on market uncertainty and shipping costs was also reviewed.
The meeting addressed the financial performance from July 2024 to May 2025, during which a significant primary surplus was achieved and the overall deficit was reduced. Tax revenues grew by 36%, attributed to improved economic activity and an expanded tax base without imposing new burdens. Targets for the 2024/2025 fiscal year were also discussed, including the debt-to-GDP ratio of the general budget entities, the development of tax revenues, growth rate, wages, and spending on goods and services.
Additionally, the meeting reviewed the progress of government investments, efforts to implement reforms under the IMF program, and the ongoing negotiations regarding the fifth tranche.