Egyptian Prime Minister Mostafa Madbouly and Finance Minister Ahmed Kouchouk will hold a press conference on Wednesday to announce a new package of tax facilities and concessions for the business community, taxpayers and registrants in order to address a variety of issues.

Al-Masry Al-Youm learned that the most prominent features of this new package include incentives and decisions related to tax arrears and disputes, and procedures related to integrating the informal economy into the formal economy during the coming period.

All taxpayers, registrants with the Tax Authority and the business community will benefit from these incentives.

In the first open meeting with the business community at the American Chamber of Commerce in Cairo on Tuesday, Kouchouk explained that a comprehensive and integrated package of tax facilities will be announced in the coming hours, paving the way for starting a real partnership with the business community.

He added that there are three main priorities for financial policies during the coming period, with the aim of enhancing economic stability for the benefit of citizens and investors, coming within the government’s work program.

A new page will be started between the Tax Authority and the business community based on “partnership, support, and certainty”, he assured, in order to achieve a tangible improvement on the ground regarding the quality of tax services provided to the business community and the speed of resolving any issues.

The head of the Egyptian Tax Authority, Rasha Abdel-Aal, said in a meeting with journalists on Tuesday that the main goal of the authority currently is to improve the authority’s relationship with taxpayers, reduce tax burdens, achieve desired balance, maintain the growth of tax revenues.

She added that the authority has made numerous development efforts over several years, including mechanization, digitization, and expanding its tax base.

Abdel-Aal confirmed that current plans do not include increasing the value of taxes during the coming period, and referred to continuing to increase the growth of revenues and targets.

Edited translation from Al-Masry Al-Youm