The Egyptian Finance Minister: Activation of the VAT refund system at the beginning of 2022
Ahmed Maait, Egypt’s finance minister, wants to start using an e-invoice-based method for refunding VAT early next year.
In a news release issued after his meeting with Nevin Gamea, the Egyptian Minister of Commerce and Industry, Maait said that the Ministry of Finance is moving forward with putting the national project into action. Update and automate the tax and customs processes. This makes things easier and digitalizes the process.
He said that digitizing procedures would make it easier for businesses to do business, speed up customs clearance, and make it easier for goods and services to move between countries. Shipments would also have to use the ACI pre-registration system, which would lower the costs of importing and exporting, which would lead to lower prices for goods and services in the markets.
He said that the ministry was ready to help Egyptian industry make the most of its contribution to the country’s GDP and strengthen the structure of the economy as a whole. He also said that the Ministry of Finance’s “100 incentive measures to advance the industrial sector” include 26 measures that are meant to help producers and exporters with taxes, customs, and procedures. people who run small and medium-sized businesses.
In order to review the ministry’s incentive measures for encouraging industrial investment as part of the 100 incentive measures to advance the industrial sector initiative, Jameh met with Maait. They also talked about the initiative’s goals for the Ministry of Finance.
In a press release, Gamea said that the industrial sector’s growth and development are at the top of the Egyptian government’s action plan right now. The goal is to make the sector more valuable to the national economy, meet the market’s needs for industrial products that meet standard Egyptian and international specifications, create good jobs for young people, make Egyptian products more competitive in both local and international markets, and boost Egyptian exports to other countries.
He also said that the Ministries of Commerce, Industry, and Finance all agreed on how important it was to carry out the steps set up by the Ministry for Industry Development. He said that the Industry Stimulation Committee had come up with 100 steps to help the domestic industry, and that many of them would be carried out with the help of other government ministries and agencies. The Ministry would also carry out some of these steps through its different agencies.
