Egyptian Finance Minister, Ahmed Kujuk, recently participated in a meeting of BRICS finance ministers and central bank governors in India. He highlighted the importance of deepening economic and financial cooperation among BRICS nations to drive innovation, development, and job creation in the Global South. Kujuk emphasized the need for collective action to create a more inclusive global economic environment.
Kujuk noted that the current geopolitical landscape has increased financing costs and reduced development opportunities for emerging economies. He stressed the importance of multilateral guarantees from BRICS countries in stimulating private investment, lowering financing costs, and enhancing financial infrastructure. The minister also called for a greater role for the New Development Bank in providing low-cost financing solutions.
The Egyptian Finance Minister also discussed the potential for expanding cooperation in taxation among BRICS countries. He emphasized the need for a more equitable global tax system that supports emerging economies. Kujuk also highlighted the importance of customs cooperation, citing the success of the Authorized Economic Operator program in facilitating trade.
Rashaa Abdel Aal, head of Egypt's Tax Authority, highlighted the country's progress in digital transformation. She noted that Egypt has made significant strides in digitalizing its tax system since 2017, with the support of the political leadership. Abdel Aal emphasized that this transformation has improved tax collection efficiency and enhanced taxpayer services.
Abdel Aal discussed Egypt's implementation of electronic invoicing and e-receipt systems. She noted that the country has leveraged international best practices to develop its digital tax infrastructure. The head of the Tax Authority also highlighted the benefits of partnering with GS1, a global standards organization, to develop a comprehensive coding system for goods and services.
The implementation of digital tax systems has yielded significant benefits for taxpayers in Egypt. Abdel Aal reported that the average time for refunding value-added tax (VAT) has been reduced to 22 days, compared to the legal deadline of 45 days. She emphasized that the Tax Authority is committed to building a stable and transparent tax system that supports business growth and national development.
Looking ahead, Abdel Aal indicated that the Tax Authority will continue to leverage artificial intelligence and digital technologies to enhance tax services. She noted that the authority is exploring new applications of AI to improve tax analysis and compliance. The Egyptian government aims to create a more favorable business environment by streamlining tax procedures and promoting investment.
Key points
- Egypt's Finance Minister emphasizes the importance of multilateral guarantees from BRICS countries in stimulating investments and lowering financing costs.
