Egypt’s finance minister, Mohamed Maait, plans to start implementing an e-invoice-based VAT refund system early next year.
Maait stated, in statements included in a press release released after his meeting with the Egyptian Minister of Commerce and Industry, Nevin Gamea, that the Ministry of Finance is proceeding with the implementation of the national project. modernize and automate tax and customs systems; This helps simplify and digitize procedures.
He described the digitization of procedures as aimed at facilitating business community, in in order to facilitate the circulation of internal and foreign trade, and reduce the time for customs clearance, and the mandatory application of the ACI pre-registration system shipments is envisaged in order to reduce the costs of the import and export process, and therefore reduce the prices of goods and services in the markets.
He stressed the ministry’s willingness to support Egyptian industry, maximize its contribution to gross domestic product and strengthen the structure of the national economy, noting that the Ministry of Finance’s measures under the “100 incentive measures to advance the industrial sector “include 26 incentive measures aimed at providing tax, customs and procedural benefits for producers and exporters. owners of small and medium-sized businesses.
Jameh had received Maait to review the incentive measures established by the ministry to facilitate industrial investment under the initiative of the 100 incentive measures to advance the industrial sector and to discuss the axes of the Ministry of Finance under the initiative .
Gamea stated in a press release that the development and development of the industrial sector is in top priorities of the Egyptian government’s action plan at the current stage with the aim of increasing its contribution to the national economy and meeting the needs of the market for industrial products compliant with standard and Egyptian and international specifications, providing decent and productive job opportunities for young people, as well as increasing the competitiveness of the Egyptian product in local and international markets and increasing Egyptian exports to foreign markets.
He added that there is a consensus of views among the Ministries of Commerce, Industry and Finance on the importance of implementing the measures established by the Ministry for Industry Development, noting that the Industry Stimulation Committee has identified 100 measures. in support of the domestic industry, much of which will be implemented in collaboration with relevant ministries and government agencies, and the Ministry in turn, through its various agencies, will implement a number of these procedures.
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