Home Business Egypt aims to reduce total deficit to 6.8% in this moment

Egypt aims to reduce total deficit to 6.8% in this moment


Egypt’s Finance Minister, Mohamed Maait, revealed that his country has a primary surplus in the general state budget, noting that debt service reached about 32% of the general budget in the fiscal year. in course, in drop from the 40% level.

He explained, according to a statement, that the Egyptian government aims to reach the total budget deficit of 6.8% during the fiscal year in course. He pointed out that Egypt offers many monetary incentives for employees who move to the new administrative capital, noting that the Egyptian state treasury has not contributed any money to the construction of the new administrative capital.

He continued, that the operation of the ACI system started 6 months ago and aims to protect the state and the citizen, adding that there are thousands of exporters registered in the new system, and indicated that the law aims to protect the citizen from the assets of unknown origin or provenance and helps to reduce the release and dismantling times of paper documents.

He said the Ministry of Finance is trying to achieve Tax justice between different groups of societyHe pointed out that the capital gains tax law is a market demand and no new law has been enforced.

He added: “We have not imposed any new taxes on Egyptian stock traders, and Egypt is the lowest market for the value of taxes imposed on capital market investors, and the Capital Gains Tax Act is an extension of the principle of fiscal justice.. “

The Egyptian minister explained that national projects implemented by the state support the economy and offer many job opportunities, and World Bank loans help achieve development in various sectors, especially with the entry of over one million Egyptians into the labor market every year.

He stressed that economic reforms and domestic projects have attracted more foreign investors and helped the Egyptian economy to overcome the repercussions of the “Corona” pandemic, in light of the work to achieve stability and equilibrium in commodity prices. prime, noting that population growth negatively affects the economy, growth rates and a dignified living initiative that helps improve the quality of life for many Egyptians.

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