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Minister of Finance Dr. Mohamed Moait revealed that foreign investors were once again starting to invest in state bonds after experiencing the strength of Egypt's economic reform program during the emerging market crisis. "Every time an investor hears positive news from an international institution, they re-pump the investment.
Maat said during a meeting with the Business Association on Tuesday that foreign investors had withdrawn and attracted astronomical figures from investments in debt instruments in Egypt after the crisis of emerging markets. However, no one felt the crisis, on the contrary, foreign exchange reserves increased at the Bank Central for the past six months. Hedge before the start of the crisis.
He pointed out that the Tax Authority has succeeded in ending more than 35 thousand tax dispute files, and aims to increase the number of files over the coming period, and is expected to double this amount over the coming period in light of beneficiaries exempting 90%, as regulated by Law No. 174 this year 2018, to surpass additional delays and taxes when full payment of original tax, which starts the second phase of release on Tuesday, 70% of the delay and for a period of 45 days.
In the public debt file, the minister said that the government managed to reduce from 108% of GDP until the end of June 2017, to 98% on June 30, and aims to reduce it to 92% at the end of the current fiscal year, and aims to reduce 92 billion dollars in external debt from During the action to control it.
"The state aims to increase revenues by expanding its tax revenue, which reaches 75 percent, 25 percent of the Suez Canal income and public sector companies, and the government is a collection government," he said. Natural resources like the Gulf States In Egypt, the tax rate is 14.2% of GDP, and to be consistent with our country is 20%. However, this does not mean an increase in tax rates, because we need to stabilize fiscal policy and fiscal expansion.
He pointed out that Egypt needs to do more work, and carry it in the right way even if working 24 hours is not enough.