All rights reserved to the presidency Copyright © 2020
Saturday, 16 August 2025 / 03:15 PM
Today, President Abdel Fattah El-Sisi met with Prime Minister Dr. Mostafa Madbouly and Minister of Finance Ahmed Kouchouk.
The Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said President El-Sisi reviewed the preliminary indicators of the fiscal performance for the fiscal year 2024/2025, which saw a distinct, good, and balanced performance. The highest primary surplus was achieved, amounting to nearly EGP 629 billion (3.6% of GDP), an 80% increase compared to the fiscal year 2023/2024, which recorded a primary surplus of EGP 350 billion. The minister of finance said this outstanding financial performance was achieved in spite of the budget being exposed to impactful external shocks, most notably a sharp decline in Suez Canal revenues by 60% below the target, resulting in losses estimated at approximately EGP 145 billion compared to what was budgeted for in the general budget. The minister of finance also emphasized that the outstanding financial performance was coupled with a significant improvement in all economic indicators and a significant increase in private investments, manufacturing activity, and exports.
The meeting addressed the main outcomes of the financial performance for the year 2024/2025, which included a remarkable growth in tax revenues, therefore achieving the highest growth rate in the past years, reaching 35%. This was due to the implementation of a package of tax incentives, expanding the tax base, and building confidence, certainty, and facilitation with the business community. The minister of finance reviewed the growth rate of primary expenditures and the general revenues for the budget. The percentage of growing revenues reached 29% and the percentage of growing primary expenditures reached 16.3%. Tax revenues for the fiscal year 2024/2025 amounted to EGP 2,204 billion, showing an increase of 35.3% compared to the previous fiscal year.
Mr. Kouchouk noted that the noticeable improvement in tax performance is the result of efforts to expand the tax base by voluntarily attracting new financiers, resolving disputes amicably, utilizing technological means and electronic systems, establishing an e-commerce unit, developing the tax system and applying a tax risk management system. This is in addition to improving the Tax Authority's administrative capabilities and regulatory procedures by updating the VAT refund procedures, designing a new fast and easy system as well as unifying, simplifying, revitalizing, and improving tax services, expanding tax concessions, and restoring confidence in taxpayers by reducing burdens on them, simplifying procedures, enhancing transparency, reducing chances of evasion, increasing compliance, and improving collection accuracy. He explained that the results of implementing the first phase of the tax concessions package from February to August 2025 included the submission of 401,929 applications to resolve old tax disputes, in addition to the submission of more than 650,000 amended or new voluntary tax returns, resulting in the collection of EGP 77.90 billion. The number of financiers who applied to benefit from tax incentives and concessions for projects with an annual turnover not exceeding EGP 20 million, in accordance with Law No. 6 of 2025, reached approximately 104,129.
The minister of finance also indicated that the state has allocated budgets to treat more than 80,000 critical cases at the state's expense. The state also covered the subscriptions of those who could not afford within the comprehensive health insurance system, amounting to approximately EGP 2.3 billion in several governorates.
In the field of education, the assistance of 160,000 teachers was required to fill the teacher shortage during the 2024/2025 academic year, at a cost of EGP 4 billion. A total of EGP 6.25 billion was also allocated during the 2024/2025 fiscal year for school feeding programs and the provision of meals for students to combat malnutrition.
President El-Sisi stressed the need to continue intensive efforts to enhance financial discipline in government procedures to improve the performance of the Egyptian economy and support development efforts. The President also stressed the importance of forging effective partnerships between government agencies and the business community and adopting a balanced fiscal policy to drive growth and maintain financial stability. This is while prioritizing reducing debt service rates and burdens. The President gave directives to continue efforts to achieve a primary surplus and increase spending on the Takaful and Karama programs, the health and education sectors, and social protection programs to alleviate the burden on citizens and promote social justice.
Saturday, 16 August 2025 / 03:15 PM
Today, President Abdel Fattah El-Sisi met with Prime Minister Dr. Mostafa Madbouly and Minister of Finance Ahmed Kouchouk.
The Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said President El-Sisi reviewed the preliminary indicators of the fiscal performance for the fiscal year 2024/2025, which saw a distinct, good, and balanced performance. The highest primary surplus was achieved, amounting to nearly EGP 629 billion (3.6% of GDP), an 80% increase compared to the fiscal year 2023/2024, which recorded a primary surplus of EGP 350 billion. The minister of finance said this outstanding financial performance was achieved in spite of the budget being exposed to impactful external shocks, most notably a sharp decline in Suez Canal revenues by 60% below the target, resulting in losses estimated at approximately EGP 145 billion compared to what was budgeted for in the general budget. The minister of finance also emphasized that the outstanding financial performance was coupled with a significant improvement in all economic indicators and a significant increase in private investments, manufacturing activity, and exports.
The meeting addressed the main outcomes of the financial performance for the year 2024/2025, which included a remarkable growth in tax revenues, therefore achieving the highest growth rate in the past years, reaching 35%. This was due to the implementation of a package of tax incentives, expanding the tax base, and building confidence, certainty, and facilitation with the business community. The minister of finance reviewed the growth rate of primary expenditures and the general revenues for the budget. The percentage of growing revenues reached 29% and the percentage of growing primary expenditures reached 16.3%. Tax revenues for the fiscal year 2024/2025 amounted to EGP 2,204 billion, showing an increase of 35.3% compared to the previous fiscal year.
Mr. Kouchouk noted that the noticeable improvement in tax performance is the result of efforts to expand the tax base by voluntarily attracting new financiers, resolving disputes amicably, utilizing technological means and electronic systems, establishing an e-commerce unit, developing the tax system and applying a tax risk management system. This is in addition to improving the Tax Authority's administrative capabilities and regulatory procedures by updating the VAT refund procedures, designing a new fast and easy system as well as unifying, simplifying, revitalizing, and improving tax services, expanding tax concessions, and restoring confidence in taxpayers by reducing burdens on them, simplifying procedures, enhancing transparency, reducing chances of evasion, increasing compliance, and improving collection accuracy. He explained that the results of implementing the first phase of the tax concessions package from February to August 2025 included the submission of 401,929 applications to resolve old tax disputes, in addition to the submission of more than 650,000 amended or new voluntary tax returns, resulting in the collection of EGP 77.90 billion. The number of financiers who applied to benefit from tax incentives and concessions for projects with an annual turnover not exceeding EGP 20 million, in accordance with Law No. 6 of 2025, reached approximately 104,129.
The minister of finance also indicated that the state has allocated budgets to treat more than 80,000 critical cases at the state's expense. The state also covered the subscriptions of those who could not afford within the comprehensive health insurance system, amounting to approximately EGP 2.3 billion in several governorates.
In the field of education, the assistance of 160,000 teachers was required to fill the teacher shortage during the 2024/2025 academic year, at a cost of EGP 4 billion. A total of EGP 6.25 billion was also allocated during the 2024/2025 fiscal year for school feeding programs and the provision of meals for students to combat malnutrition.
President El-Sisi stressed the need to continue intensive efforts to enhance financial discipline in government procedures to improve the performance of the Egyptian economy and support development efforts. The President also stressed the importance of forging effective partnerships between government agencies and the business community and adopting a balanced fiscal policy to drive growth and maintain financial stability. This is while prioritizing reducing debt service rates and burdens. The President gave directives to continue efforts to achieve a primary surplus and increase spending on the Takaful and Karama programs, the health and education sectors, and social protection programs to alleviate the burden on citizens and promote social justice.
All rights reserved to the presidency Copyright © 2020
All rights reserved to the presidency Copyright © 2020