First phase of property tax relief to roll out in Q1 of FY26: Finance Minister
Minister of Finance Ahmed Kouchouk announced that the first phase of Egypt's property tax relief measures will be implemented in the first quarter of the upcoming fiscal year. In parallel, the Cabinet is expected to finalise a new customs facilitation package aimed at enhancing foreign trade and encouraging investment in the near future.
Speaking during a press conference, Kouchouk expressed appreciation for both new and existing taxpayers whose engagement contributed to the success of the government's initial tax relief initiative. He also thanked the employees of the Egyptian Tax Authority (ETA) for their responsiveness and effective implementation of the reform programme.
The Minister underscored that the reform path is grounded in trust-building, partnership, and providing certainty to the business community through continuous improvement of tax services. He highlighted the strong performance of the first tax relief package, describing it as a positive step toward rebuilding confidence between the state and taxpayers.
According to Kouchouk, the Ministry received 110,000 requests to close long-standing tax files, alongside 450,000 amended or newly submitted tax returns under the relief measures. Notably, 53,000 new taxpayers voluntarily joined the formal tax system—an encouraging sign of growing compliance and engagement.
He added that the encouraging response from the business community is motivating the government to introduce further relief measures in the near term to address persistent on-the-ground challenges. Kouchouk reaffirmed the Ministry's commitment to dialogue with the private sector, incorporating its proposals to build a fairer, more transparent tax environment. 'We view taxpayers as essential partners,' he said, 'and helping them succeed is key to supporting their growth and expansion.'
Kouchouk also pointed to a significant 36% increase in tax revenues over the past 11 months, representing an additional EGP 500bn in collections—achieved without introducing any new tax burdens. These additional funds, he noted, have been directed toward priority areas including healthcare, education, and social protection.
The forthcoming customs facilitation package is expected to further streamline import-export procedures, reduce bottlenecks at ports, and support the government's broader goals of boosting competitiveness and attracting foreign investment.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
5 hours ago
- Daily News Egypt
First phase of property tax relief to roll out in Q1 of FY26: Finance Minister
Minister of Finance Ahmed Kouchouk announced that the first phase of Egypt's property tax relief measures will be implemented in the first quarter of the upcoming fiscal year. In parallel, the Cabinet is expected to finalise a new customs facilitation package aimed at enhancing foreign trade and encouraging investment in the near future. Speaking during a press conference, Kouchouk expressed appreciation for both new and existing taxpayers whose engagement contributed to the success of the government's initial tax relief initiative. He also thanked the employees of the Egyptian Tax Authority (ETA) for their responsiveness and effective implementation of the reform programme. The Minister underscored that the reform path is grounded in trust-building, partnership, and providing certainty to the business community through continuous improvement of tax services. He highlighted the strong performance of the first tax relief package, describing it as a positive step toward rebuilding confidence between the state and taxpayers. According to Kouchouk, the Ministry received 110,000 requests to close long-standing tax files, alongside 450,000 amended or newly submitted tax returns under the relief measures. Notably, 53,000 new taxpayers voluntarily joined the formal tax system—an encouraging sign of growing compliance and engagement. He added that the encouraging response from the business community is motivating the government to introduce further relief measures in the near term to address persistent on-the-ground challenges. Kouchouk reaffirmed the Ministry's commitment to dialogue with the private sector, incorporating its proposals to build a fairer, more transparent tax environment. 'We view taxpayers as essential partners,' he said, 'and helping them succeed is key to supporting their growth and expansion.' Kouchouk also pointed to a significant 36% increase in tax revenues over the past 11 months, representing an additional EGP 500bn in collections—achieved without introducing any new tax burdens. These additional funds, he noted, have been directed toward priority areas including healthcare, education, and social protection. The forthcoming customs facilitation package is expected to further streamline import-export procedures, reduce bottlenecks at ports, and support the government's broader goals of boosting competitiveness and attracting foreign investment.
Daily News Egypt
5 hours ago
- Daily News Egypt
Madbouly reviews LNG infrastructure readiness at Ain Sokhna Port
Prime Minister Mostafa Madbouly visited Ain Sokhna Port on Saturday to inspect the liquefied natural gas (LNG) regasification vessel Energos Eskimo, as part of the government's broader efforts to bolster energy security and ensure the continuity of natural gas supplies. At the start of his tour, the Prime Minister emphasised that the government is taking proactive steps to meet Egypt's natural gas needs by expanding infrastructure capacity for receiving imported LNG. Madbouly noted that the initiative aims to enhance the efficiency and flexibility of the national gas supply system to accommodate rising domestic demand, particularly during the summer months, and in response to recent regional developments following the Israeli military operation in Iran. He stated that these measures fall within a comprehensive governmental plan involving relevant ministries to safeguard the stability of the national power grid. Accordingly, the government aims to have three regasification vessels operational by early July, with a combined capacity of 2,250 million cubic feet per day. A fourth vessel will be kept on standby to provide additional support and ensure the availability of various petroleum products, Madbouly added. During his inspection of the Energos Eskimo vessel, the Prime Minister underscored that these strategic projects reflect the state's commitment to securing natural gas supplies and reinforcing the system's resilience during peak consumption periods in the summer. He highlighted that this vessel is the second of its kind stationed at Ain Sokhna Port, following the Hoegh Galleon, which entered service last year under the government's plan to operate four regasification vessels and expand LNG import capacity. Madbouly also reviewed the advanced technical works being finalised by Petrojet, a subsidiary of the petroleum sector, in preparation for the vessel's transfer to the SUMED port dock in Sokhna. The Energos Eskimo has a design capacity of 750 million cubic feet of gas per day. Minister of Petroleum and Mineral Resources Karim Badawi explained that petroleum sector teams have completed the development of a second berth at the SUMED Port to receive the vessel. This includes the installation of two loading arms and pipelines for transferring gas to the national grid. Badawi noted that the teams are working with high efficiency and speed to complete the required technical works, with ongoing field inspections to ensure timely progress. The Minister further highlighted the proactive steps taken by the Ministry since last year to secure gas supplies, diversify sources, and manage emerging challenges. He noted that the Ministry succeeded in contracting three LNG regasification vessels following a phase of political and commercial negotiations with various governments—leveraging Egypt's strong diplomatic ties with countries such as Jordan and Germany. These vessels were secured by the Egyptian Natural Gas Holding Company (EGAS) amid high global demand, as part of a broader strategy to achieve energy security in the face of geopolitical risks and global instability. The combined capacity of the three vessels stands at 2,250 million cubic feet per day, significantly enhancing Egypt's domestic gas supply capabilities to meet the needs of all consumer sectors. One vessel is currently operational at SUMED Port, while preparations are underway to commission the remaining two at the SUMED and Sonker terminals in Ain Sokhna. Badawi added that a fourth regasification vessel is scheduled to arrive in August and will be operated at Damietta Port on the Mediterranean Sea, further strengthening the resilience and diversification of Egypt's energy supply in the face of ongoing global challenges. The Minister also stressed that, alongside the urgent plan to cover local demand through LNG imports, the government is intensifying efforts to boost domestic natural gas production. He cited recent successes in curbing natural production decline by introducing incentive packages to attract investment and ensuring the timely payment of dues to partners. These actions are expected to gradually increase output, as exploration and production activities pick up momentum. During his tour aboard the Energos Eskimo, Madbouly received a technical briefing from Walid Lotfy, Chairperson of Petrojet, on the modifications and readiness efforts under way. Lotfy confirmed that the implementation timeline had been compressed from 29 days to just 10, thanks to round-the-clock work and intensified efforts. The works included mechanical modifications, control system adjustments, and commissioning tests to ensure the vessel's full readiness to receive LNG and convert it into its gaseous form for integration into the national grid.
Daily News Egypt
11 hours ago
- Daily News Egypt
United Bank rises to 7th among Egypt's mortgage lenders with EGP 3.2bn portfolio
Ashraf El-Kady, Chairperson of United Bank, announced that the bank's mortgage finance portfolio for low- and middle-income housing surpassed EGP 3bn in May 2025. With total financing reaching EGP 3.225bn, United Bank has become the seventh largest provider of mortgage finance in this segment, according to the Social Housing and Mortgage Finance Fund. El-Kady noted that more than 16,500 clients have benefited from financing for social and middle-income housing units nationwide. He highlighted the bank's role in supporting government and Central Bank efforts to promote social justice and eliminate informal housing areas by expanding access to subsidised mortgage finance. 'Mortgage finance plays a vital role in stimulating the economy, particularly through the provision of affordable housing to low- and middle-income citizens,' El-Kady said. United Bank currently provides mortgage finance services in 28 governorates, with a special focus on Upper Egypt, as well as active operations across the Canal cities and Delta region. The bank also extends mortgage financing to luxury housing projects. El-Kady underscored the bank's commitment to digital transformation, pointing to 24/7 digital services that enhance processing efficiency and improve customer experience. Clients can make installment payments via 225 ATMs spread across the country, or through the bank's 68-branch network. Salary transfers and interbank transfers can also be arranged digitally, without the need to visit a branch. He concluded by highlighting that United Bank's nationwide infrastructure—including services in areas without physical branches—has been essential in extending mortgage finance accessibility and supporting inclusive housing development.
