Latest news with #Kouchouk
Daily News Egypt
11 hours ago
- Business
- 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.
Al-Ahram Weekly
a day ago
- Business
- Al-Ahram Weekly
Egypt's tax reform drive boosts revenues by over third - Economy
Egypt's tax revenues have surged by 36 percent over the past year, Finance Minister Ahmed Kouchouk announced on Saturday. This increase was driven by strong engagement from taxpayers following the government's recent tax facilitation initiatives. Speaking at a press conference, Kouchouk revealed that tax revenues increased by EGP 500 billion during the first 11 months of the 2024/2025 fiscal year, which ends on 30 June. He stressed that the rise came 'without imposing any new financial burdens' and attributed the growth to tax incentives and simplification measures. As part of the initiative, the Ministry of Finance reported the following figures: 110,000 requests were submitted to close old tax files 450,000 amended or newly filed tax returns were received under the facilitation framework 53,000 new taxpayers voluntarily registered in the electronic tax system 'These numbers reflect a strong start in rebuilding trust and fostering a genuine partnership with the business community,' Kouchouk said, crediting taxpayers and tax authority staff for the early success of the reforms. The minister emphasized that the additional revenues have been directed toward increasing government spending on healthcare, education, and social protection, which aligns with national development priorities. Looking ahead, Kouchouk confirmed that 'the first package of real estate tax facilitations will be implemented in the first quarter of the upcoming fiscal year,' and that the 'initial customs facilitation package is expected to receive final Cabinet approval soon.' These steps, he added, aim to 'further ease business operations and stimulate foreign trade and investment.' Kouchouk concluded by reaffirming the government's commitment to expanding the reform programme: 'Further tax relief packages are under development to address on-the-ground challenges and promote sustainable economic growth.' Follow us on: Facebook Instagram Whatsapp Short link:
Daily News Egypt
12-06-2025
- Business
- Daily News Egypt
External debt of budget sector falls by $2bn in 10 months: Finance Minister
Finance Minister Ahmed Kouchouk announced that Egypt's external debt related to the budget sector declined by $2bn over the 10-month period from July 2024 to May 2025. He attributed this development to the return of foreign investor confidence, which also contributed to an extension in the average debt maturity to 1.8 years as of December 2024. In a statement issued on Wednesday, Kouchouk noted that Egypt's economic outlook is improving, underpinned by robust private sector activity, which accounted for 60% of total investments during the same period. He highlighted that Egypt achieved its highest primary budget surplus since 2005, reaching 3.1% between July 2024 and May 2025, despite headwinds including a drop in Suez Canal revenues and increased energy sector spending. Despite losing EGP 110bn in Suez Canal revenues and allocating an additional EGP 150bn to support the energy sector, the government remains committed to meeting its fiscal targets, Kouchouk said. He reported a 38% year-on-year increase in tax revenues—Egypt's highest in years—achieved without introducing new tax burdens. Key sectors such as tourism, non-oil manufacturing, and ICT witnessed strong growth during the first half of the fiscal year. On the expenditure side, Kouchouk noted that government spending on health rose by 27% and on education by 23% over the past ten months. The state allocated EGP 95bn for food subsidies—a 37% annual increase—and EGP 30bn for the 'Takaful and Karama' social protection programme, up 24% year-on-year. He added that EGP 11bn was spent on medical treatment at the state's expense, marking a 35% increase, while support for industrial production surged by 128% to EGP 8bn. Exporters also received around EGP 15bn in government support. Kouchouk further pointed to a rise in remittances from Egyptians abroad, which climbed to $26.4bn between July 2024 and March 2025—an increase of 7.82% compared to the previous year.
Egypt Today
11-06-2025
- Business
- Egypt Today
Egypt Achieves 3.1 Percent Primary Surplus Highest Since 2005
CAIRO - 11 June 2025: Finance Minister Ahmed Kouchouk announced that Egypt's state budget recorded a 3.1 percent primary surplus during the period from July to May — the highest since 2005 — despite notable revenue losses from the Suez Canal and the energy sector. Kouchouk emphasized that Egypt's economy is showing clear signs of improvement, with the private sector playing a leading role in the recovery. Over the past ten months, the private sector accounted for 60 percent of total investments, underscoring its growing contribution to national development. The Minister reaffirmed the government's commitment to achieving its fiscal targets, even after absorbing a loss of LE 110 billion in Suez Canal revenues and allocating an additional LE 150 billion in support of the energy sector. He also revealed that Egypt recorded its highest tax revenues in years — a 38 percent increase — without introducing new financial burdens on citizens. Robust performance was noted across several sectors, including tourism, non-oil manufacturing, and information and communications technology (ICT), especially during the first half of the fiscal year. On the social spending front, the Minister reported that healthcare spending rose by an average of 27 percent, while education expenditure increased by 23 percent over the ten-month period. Allocations for subsidized goods reached LE 95 billion, reflecting a 37 percent annual increase. The Takaful and Karama social protection program received LE 30 billion in funding, up 24 percent year-on-year. Additional fiscal support included LE 11 billion for state-funded medical treatment — an annual increase of 35 percent — and LE 8 billion to support industrial production, which grew by 128 percent. Export support allocations totaled approximately LE 15 billion. Regarding debt management, Kouchouk stated that Egypt's external debt tied to the state budget decreased by $2 billion over the past ten months. The average maturity of the debt was extended to 1.8 years as of December 2024. He concluded by highlighting the surge in remittances from Egyptians abroad, which reached $26.4 billion between July and March — an increase of 82.7 percent compared to the same period the previous year, offering a significant boost to Egypt's foreign currency reserves.
Egypt Today
04-06-2025
- Business
- Egypt Today
Finance Minister Ahmed Kouchouk recognized as Africa's Finance Minister of the Year by African Leadership Magazine
Cairo – June 4, 2025: Finance Minister Ahmed Kouchouk has been named Africa's Finance Minister of the Year by the African Leadership Magazine, as part of its 2025 African Business Leadership Awards (ABLA). The recognition highlights Kouchouk's 'visionary economic stewardship' and his role in implementing bold fiscal reforms that have driven financial stability and inclusive growth in Egypt. According to the magazine, Egypt achieved a record primary budget surplus of 3.1 percent of GDP between July and April 2025 under Kouchouk's leadership. The Minister also spearheaded comprehensive tax reforms and strengthened strategic cooperation with international financial institutions to reinforce the country's economic resilience. The announcement comes ahead of the official ABLA Presentation Ceremony, set to take place during the Africa Summit London 2025 on July 9–10. The annual ABLA awards are a flagship initiative by African Leadership Magazine to celebrate outstanding corporate governance, transformative leadership, and significant contributions to Africa's economic development.
