President Abdel Fattah El-Sisi stressed the importance of continuing to develop the tax system, improving all tax services, providing additional facilities, and building trust with investors. He directed the launch of the third package of tax relief measures.
This came during President El-Sisi’s meeting in New Alamein City with Prime Minister Mostafa Madbouly and Finance Minister Ahmed Kouchouk.
The official spokesperson for the Presidency, Ambassador Mohamed El-Shenawy, stated that the meeting reviewed the latest developments regarding hedging against fluctuations in global oil prices for the 2025/2026 and 2026/2027 fiscal years.
The Finance Minister also reviewed developments in implementing the real estate tax relief package, including the launch of a mobile application for the first time and measures taken to simplify its use. He explained that a similar application and system for real estate transaction tax would be launched in the coming days.
President El-Sisi approved a proposal to issue tax bonds financed by taxpayers, with the value deducted from their future tax obligations. The bonds would offer an attractive return, helping reduce financing needs and, consequently, debt-servicing costs.
The Finance Minister also presented the final financial performance for the 2025/2026 fiscal year, including key financial and economic indicators included in the budget. He noted that Egypt’s real GDP growth reached 5.2% during the first nine months of the fiscal year, highlighting improvements in most economic and financial indicators, including a reduction in external government debt, expansion of the tax base through simplified and digitized procedures, and increased non-tax revenues.
He also pointed to significant improvements in the performance of financial markets and the Egyptian Stock Exchange, as well as a noticeable decline in the cost of insurance against sovereign default and yields on Egyptian government bonds.
Kouchouk also reviewed the tax relief packages, announcing that the laws governing the second package had entered into force following the President’s approval. He emphasized that the package reflects the state’s approach to supporting growth, simplifying procedures, reducing burdens, enhancing the competitiveness of the Egyptian economy, and creating a more attractive investment environment.
The business community responded with strong confidence to the tax relief initiative, resulting in substantial increases in tax revenues during the previous fiscal year. In this context, President El-Sisi stressed the importance of continuing to develop the tax system, improving tax services, providing further facilities, and building trust with investors, directing the launch of the third tax relief package.
The meeting also reviewed developments in government debt indicators. The government has succeeded in reducing government debt as a percentage of GDP by approximately 13.2% over the past two years. The government aims to further improve debt indicators in order to create greater fiscal space to support citizens and investors.
Kouchouk also presented several new initiatives aimed at supporting and encouraging the industrial sector to transition to solar energy, as well as financing the recycling of solid waste and converting it into alternative fuel, helping reduce implementation costs and benefiting all parties.
President El-Sisi stressed the need for strict compliance with laws, regulations, and presidential decisions concerning the use of land allocated for tourism activities overlooking Egypt’s beaches. He directed the immediate formation of a committee comprising relevant state agencies to inspect conditions on the ground and ensure citizens’ free access to beaches in accordance with applicable regulations.
He also directed that no facilities or construction work be established within 200 meters of the shoreline without prior approval from the relevant state authorities.
The President further ordered the formation of a committee to inspect various ongoing real estate projects across all governorates to ensure that units are delivered on time without delays, contracts with buyers are honored, and the infrastructure of the projects is completed. He also stressed the need to hold violators accountable and to regularly brief him on all measures taken in this regard.
source: Al-Gomhuria newspaper online potral
