Tax Neutrality Egypt’s Path to Economic Growth
Egypt has taken a significant step towards promoting economic growth and sustainable development by establishing tax neutrality principles. This achievement is expected to increase the private sector’s contribution to the country’s GDP.
Level Playing Field for All
Ahmed Kouchouk, Egypt’s Deputy Finance Minister, announced an achievement. Specifically, he did so at the ECA’s annual conference. The government passed a new law recently. Consequently, it removed exemptions for state-owned commercial organizations.
This move reaffirms the government’s fair competition commitment. Moreover, it aims to create a level playing field. Additionally, the law encourages private investment in Egypt. Private investment is crucial, indeed. It fosters economic growth and sustainable development.
Ensuring Compliance with Fair Competition Principles
A high-level ministerial committee evaluates economic actors’ performance. Moreover, it ensures compliance with fair competition principles. The ECA Chairperson, Mahmoud Momtaz, highlighted the Authority’s vital role. Specifically, it promotes competition and strengthens Egypt’s economy.
Over the past two years, the ECA reviewed 78 legislation pieces. Consequently, it aimed to ensure tax neutrality and fair competition. In addition, the reviews upheld neutral competition conditions. As a result, a level playing field emerged for all businesses.
Success of ECA’s 2021-2025 Strategy
Momtaz said that ECA successfully implemented its 2021-2025 strategy in the first three years, aligning with Egypt’s 2030 Development Strategy. The Authority has surpassed its targets, especially in enforcing laws against anti-competitive practices.
** COMMITMENT TO FAIR COMPETITION AND PRIVATE SECTOR GROWTH**
In conclusion, achieving tax neutrality is a significant step towards creating a level playing field for all market players, regardless of their background. Egypt’s commitment to fair competition and private sector growth is poised to drive economic growth and sustainable development in the country. This achievement demonstrates the government’s dedication to promoting private investment and creating an environment conducive to economic growth.