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.
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