News Formal

Egypt overhauling tax procedures to lure investors: finance minister

  • 📰 Reuters
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Egypt hopes to boost feeble foreign direct investment (FDI) by automating and si...

Changes to income tax would be procedural, and no changes would be made to overall tax policy or tax rates, he added.

In April, Egypt signed an agreement with Euroclear, Europe’s biggest settlement house for securities, to allow holders of its sovereign debt to clear transactions outside the country.“It is on track, but might not be next month,” Maait said on Monday, adding that a legal change was needed to govern the process and he hoped it would be ready at the beginning of 2020.

Maait also said Egypt’s long-delayed program to sell stakes in state-owned enterprises would resume in the coming months, though he did not specify when.

 

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Is luring a positive term? Sounds like an entrapment

Sounds like a pyramid scheme.

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