Egypt’s Deputy Minister of Finance for Fiscal Policies and Institutional Reform, Ahmed Kouchouk, has unveiled significant progress in implementing tax neutrality principles with the goal of enhancing the private sector’s contribution to the country’s Gross Domestic Product (GDP). This announcement was made during the annual conference of the Egyptian Competition Authority (ECA).
A recent legislative move eliminating exemptions for state-owned entities involved in investment and commercial operations reinforces the government’s dedication to fostering fair competition. The objective is to establish an even playing field and promote private investment, which Kouchouk deems essential for economic advancement and long-term sustainability.
A ministerial committee of high stature is responsible for evaluating economic entities’ performance to ensure adherence to fair competition standards. This information was reported by Daily News Egypt, a partner of TV BRICS.
ECA Chairperson Mahmoud Momtaz emphasized the crucial role of the Authority in advocating competition and fortifying Egypt’s economy. Over the past two years, the ECA has scrutinized around 78 pieces of legislation to guarantee impartial competition.
Momtaz noted that the ECA’s strategy for 2021-2025 aligned with Egypt’s 2030 Development Strategy was effectively implemented within the initial three years. The Authority has exceeded its objectives, particularly in enforcing regulations against anti-competitive behaviors.
It was stressed that a robust competition policy assures a level playing field for all market participants, irrespective of their origins. Achieving this objective necessitated cooperation with relevant stakeholders and institutions. While the advancement of competition may present challenges, Momtaz expressed confidence in its attainability.
