Mohamed Maait noted that the government strongly supports the private sector, enabling it to efficiently utilise resources and investments based on political will and modern infrastructure. This is repoted by 
Daily News Egypt, a partner of TV BRICS.

The minister added that the government is exerting considerable efforts to create a favourable business environment and that the government’s initiatives offer great prospects for private investment in the Egyptian economy. He also noted that the cancellation of tax exemptions for state-owned companies encourages investment by ensuring fair competition, and that the systems implemented have broadened the tax base and increased revenues without imposing additional burdens on investors, as well as facilitating the integration of the informal economy in pursuit of tax fairness and competitiveness.

Maait explained that a new law was enacted to better address the backlog of tax issues. It provides for co-operation with institutions and companies with an annual business volume of up to 10 million Egyptian pounds (EGP) in a single simplified taxation system similar to that applied to small, medium and micro enterprises. According to this law, the tax amount is:

EGP 1,000 per year for projects with an annual business volume of up to EGP 250,000;

EGP 2,500 per year for projects with business volume from EGP 250,000 to EGP 500,000;

EGP 5,000 per year for projects with business volume from EGP 500,000 to EGP 1 million; 0.5% of annual business volume for projects with business volume from EGP 1 million to EGP 2 million;

0.75 per cent for projects with a volume of EGP 2 to 3 million;

1% for projects with the volume of EGP 3 to 10 million.

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