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The Ministry of Finance aims to complete the development and digitization of the customs system

The Ministry of Finance is about to complete the development and digitization of the customs system in Egypt by the end of next June, according to a statement from the ministry. Finance Minister Mr. Mohamed Maait said that“Egypt is proceeding on the path of transformation towards a digital economy in various sectors of the state, through the optimal use of advanced technology, and the localization of distinguished international experiences in the application of digital systems,” Further, Mr. Mohamed Maait added that the Ministry of Finance has made great strides in modernizing and mechanizing the customs system by modernizing the legislative structure by...

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Official gazette publishes 3 presidential decrees

  The official gazette published on Thursday 14/1/2021 presidential decree No. 403 of 2020 on agreeing on letters of exchange between the Egyptian government and the Spanish Agency for International Development Cooperation on the latter's extension of a 200,000 euro grant to finance a project aimed at creating job opportunities for women in Upper Egypt through honing their skills. The letters were signed in Cairo in June 2020. Presidential decree No . 447 of 2020 was published in the official gazette to approve letters of exchange between the Egyptian and Spanish governments regarding a grant, worth 150.000 euros to finance a project for...

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The House of Representatives approved a new government-drafted “General Unified Economic Planning” Law

  Egypt’s parliament gives preliminary approval to the new 'General Unified Economic Planning Law' that aims to streamline the process of preparing the country's economic policies and engage the private sector in economic development projects. In a statement before the House, Minister of Planning and Economic Development Hala El-Saeed said the current economic planning law is almost 40 years old. "It was passed in 1973 while the country was adopting socialist policies, and now it is high time to change this law to go in line with the change in economic policies which have become market-oriented," said El-Saeed. El-Saeed said the law aims...

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Egyptian Tax Authority warns who engage in e-commerce activity without license

  Head of the Egyptian Tax Authority: Mr.Reda Abdel Kader, affirmed the keenness of the Ministry of Finance and the authority to integrate the informal economy into the official system, which would contribute to a more accurate inventory of the tax community, lay the foundations for tax justice, and fulfill the rights of the state’s public treasury. He explained in a statement,Sunday that through follow-up and monitoring by the e-commerce unit of the authority, some malls, hotels, clubs, residential communities (compounds) or other residential areas allowed the establishment of exhibitions inside them, and that a large number of organizers and participants in...

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World Bank report: Egypt’s economic reform improves macroeconomic stability, restores confidence

Following a successful and hard-earned macroeconomic stabilization, Egypt’s economy is at a turning point, according to World Bank’s report on its “Creating Markets” agenda in Egypt. The World Bank said that the exchange rate was liberalised, and a sizable fiscal consolidation was undertaken. The report highlighted that a series of new laws were adopted to improve the legislative framework and address long-standing challenges in the business environment. Additionally, thepublic investment was expanded to develop or modernize road infrastructure for better connectivity and to boost supplies of electricity and gas. The adopted reforms have reflected positively on the economy with higher growth rates...

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Egypt’s Cabinet of media center: the state carried out a national program for economic reform.

Egypt's Cabinet of media center: the state carried out an ambitious national program for economic reform hailed by international economic institutions. In a report the cabinet media center said in a report that the reform program managed to put an end to the decades-long economic problems in Egypt while the country's economic indices topped positive economic forecasts among Middle East and African countries. The report pointed out that Egypt started to reap the fruit of the economic reform program despite world economic crises and challenges. It said Egypt's rising growth rate and its success in luring local and international investments and promoting the...

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Egypt’s parliament discussed a draft law on the protection of the Arabic language

The parliament has been discussing a draft law to protect and develop Arabic in the face of an increasing interest in foreign languages at the expense of the official language. MPs Soulaf Darwish and Mona Omar submitted a draft law that suggests means to develop Classical Arabic and Modern Standard Arabic, including penalties on companies that do not use Arabic in their official records, obligating the state to produce drama and animated movies for children in standard Arabic. Article 21 of the draft law stipulates: “Shops, companies, malls, restaurants, and cafeterias are obliged to choose and write names in pure Arabic and...

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Parliament’s budget and planning committee: new amendments aim to increase the state’s revenues

According to a report by parliament’s budget and planning committee, the amendments aim to increase the state’s revenues after they took a hit with the ongoing COVID-19 pandemic, which has affected a number of Egypt’s economic sectors negatively. The fee for departing the country will be increased to EGP 100, but it will remain at EGP 50 for foreigners visiting the Red Sea governorate, South Sinai, Luxor, Aswan, or Matrouh. All items, including alcoholic beverages, purchased from duty free zones will see a tax increase from 2 percent to 3 percent, with a minimum value of $1.5. Non-honorary members of the diplomatic...

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Minister: Egypt ready to join JP Morgan bond index late January 2022

The Finance Ministr said that Egypt will be joining the JP Morgan bond index for emerging markets by the end of January 2022. Mr.Mohamed Maeit said that Egypt is eligible to join the index with an estimated weight of 1.85 percent with 14 government bonds worth a total value of about $26 billion. He added, should encourage big investment funds and foreign businessmen to put their money into Egyptian debt instruments in the local currency. Joining the JP Morgan index sends a message about the confidence of foreign investors in the strength of the Egyptian economy, Maeit said. He made it clear that 90...

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Egyptian government launches electronic litigation platform for economic courts

The Minister of Justice Omar Marwan said that Egypt seeks to achieve digital transformation to ensure accuracy of work and high-quality performance. This step is an implementation of Egypt's Vision 2030, towards implementing digital transformation in state institutions. In the presence of the Minister of Communications and Information Technology, the General Manager of Microsoft Egypt, and the Chairman of Link Development Company, Minister of Justice Omar Marwan launched the electronic litigation platform for economic courts. The Minister indicated that the electronic litigation project is a nucleus for the dissemination of litigation procedures remotely to keep pace with the requirements of this era and...

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