Egypt's Finance Ministry Honours Talaat Moustafa Group for Tax System Support
Egypt's Ministry of Finance has honoured Talaat Moustafa Group, the National Bank of Egypt, and Banque Misr for their role in supporting the government's efforts to modernise the country's tax system.
The recognition was presented at the 'Shukran' (Thank You) conference, an event organised by the ministry in collaboration with the Egyptian Tax Authority. The honours were linked to a recent package of tax incentives introduced by the ministry and were awarded for contributions to promoting transparency, partnership, and trust between the state and taxpayers.
The conference was attended by senior state officials and executive leaders from the public and private sectors.
Dr Tarek El-Naggar, Executive Vice President of the Financial Sector at Talaat Moustafa Group, accepted the certificate of appreciation on behalf of the group's CEO, Hisham Talaat Moustafa.
In a speech at the ceremony, El-Naggar said the honour would serve as motivation to continue the group's support for the state's economic reform efforts.
'We are delighted to receive this honour, which reflects our deep commitment to our national responsibility concerning taxes—a duty we fulfill with the utmost dedication,' he stated.
El-Naggar affirmed that the stability and clarity of tax policies are among the most prominent factors in attracting investment, stressing that both local and foreign investors consider the tax system a fundamental criterion when making investment decisions.
He also commented on the relationship between the government and the private sector, stating it has undergone a significant positive transformation in recent years. He added that there is now a clear appreciation from the state for the developmental role played by investors, which fosters a climate of trust and encourages support for the national economy.
To support this point, El-Naggar highlighted Egypt's improved ranking in a report by the United Nations Conference on Trade and Development (UNCTAD), which placed the country first in Africa and ninth globally for attracting foreign direct investment (FDI). According to El-Naggar, the modernisation of the tax system was a significant contributor to this result.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al-Ahram Weekly
an hour ago
- Al-Ahram Weekly
Egypt rejects ongoing Israeli escalation against Iran: Sisi tells Pezeshkian
President Abdel-Fattah El-Sisi expressed Egypt's complete rejection of the ongoing Israeli escalation against Iran, as it poses a threat to the security and stability of the Middle East at a critical time when the region is experiencing multiple crises. This came during a telephone call held on Saturday between El-Sisi and his Iranian President Masoud Pezeshkian, the first officially announced contact between the two leaders since the outbreak of the war. According to a statement from the presidency, the Egyptian President emphasized the importance Egypt attaches to an immediate ceasefire, allowing for the resumption of negotiations to reach a sustainable, peaceful solution to this crisis. El-Sisi emphasized the importance of working to de-escalate the situation as much as possible and ensuring that the cycle of violence does not expand, noting that there are no military solutions to this crisis. He also emphasized to his Iranian counterpart that the only way to ensure sustainable stability in the Middle East is through the implementation of the two-state solution and the establishment of an independent Palestinian state in accordance with international legitimacy. For his part, the Iranian president was keen to express his appreciation to the President, valuing Egypt's wise positions aimed at restoring stability to the Middle East, thereby sparing the bloodshed on all sides. He also emphasized his country's alignment with Egypt's position on the need to find a just, comprehensive, and final solution to the Palestinian issue. Earlier Saturday, FM Abdelatty discussed the ongoing Israeli aggression on Iran and efforts to de-escalate the conflict between Tel-Aviv and Tehran with his Iranian counterpart Abbas Araghchi in Turkey After the meeting, Abdelatty spoke in a telephone call to the US President Special Envoy for the Middle East Steve Witkoff stressing that Egypt believes there are no military solutions to the conflict between Israel and Iran, emphasizing that peaceful settlement and political dialogue remain the only viable path to lasting peace and stability in the region. This was the third phone conversation between Abdelatty and Witkoff on the Israel-Iran situation this week. Follow us on: Facebook Instagram Whatsapp Short link:
Daily News Egypt
4 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.
Daily News Egypt
4 hours ago
- Daily News Egypt
Egypt's Finance Ministry Honours Talaat Moustafa Group for Tax System Support
Egypt's Ministry of Finance has honoured Talaat Moustafa Group, the National Bank of Egypt, and Banque Misr for their role in supporting the government's efforts to modernise the country's tax system. The recognition was presented at the 'Shukran' (Thank You) conference, an event organised by the ministry in collaboration with the Egyptian Tax Authority. The honours were linked to a recent package of tax incentives introduced by the ministry and were awarded for contributions to promoting transparency, partnership, and trust between the state and taxpayers. The conference was attended by senior state officials and executive leaders from the public and private sectors. Dr Tarek El-Naggar, Executive Vice President of the Financial Sector at Talaat Moustafa Group, accepted the certificate of appreciation on behalf of the group's CEO, Hisham Talaat Moustafa. In a speech at the ceremony, El-Naggar said the honour would serve as motivation to continue the group's support for the state's economic reform efforts. 'We are delighted to receive this honour, which reflects our deep commitment to our national responsibility concerning taxes—a duty we fulfill with the utmost dedication,' he stated. El-Naggar affirmed that the stability and clarity of tax policies are among the most prominent factors in attracting investment, stressing that both local and foreign investors consider the tax system a fundamental criterion when making investment decisions. He also commented on the relationship between the government and the private sector, stating it has undergone a significant positive transformation in recent years. He added that there is now a clear appreciation from the state for the developmental role played by investors, which fosters a climate of trust and encourages support for the national economy. To support this point, El-Naggar highlighted Egypt's improved ranking in a report by the United Nations Conference on Trade and Development (UNCTAD), which placed the country first in Africa and ninth globally for attracting foreign direct investment (FDI). According to El-Naggar, the modernisation of the tax system was a significant contributor to this result.
