New income tax bill aims at striking justice, finance minister says

Egyptian Minister of Finance Medhat Hassanien said the new income tax bill aims at achieving justice, increasing local savings and supporting confidence between the tax department and taxpayers.

The minister addressing a forum organized by the Egyptian Centre for Economic Studies yesterday described the new bill as a part of the government's economic reform policy and the issue of exemption will be public discussed by economists and experts.

On the other hand, Gamal Mubarak, member of the ruling National Democratic Party (NDP) secretariat, praised the draft law on income tax.

Offering the bill for public discussion falls in line with the NDP government's commitment to move ahead with reform in the legislative session, said Gamal Mubarak who attended the forum.

Throughout the past 10-year-old economic reform, we have succeeded in breaking some psychological barriers in mindsets, he said.

Gamal Mubarak noted that the bill is an excellent initiative by the government and the NDP indicating a genuine tax reform, particularly as regards trimming the tax rate.

Upgrading the tax system must go in parallel with all other reforms, he said, adding "we are aiming at the medium level to augment the volume of taxpayers and hence increase the collected taxes for the good of the economy in general."