Egypt targets primary surplus of 3.5% in GDP in FY2024/2025

Minister Maait’s statement came in an open dialogue on the new FY2024/2025 budget project, which rolls on by 1 July, with representatives of the Federation of Egyptian Industries, the Egyptian Business Association, the Egyptian African Businessmen’s Association, and the Federation of Egyptian Chambers of Commerce.

General revenues amount to around EGP 2.5 trillion and primarily rely on non-tax revenues, while general expenditures amount to approximately EGP 3.8 trillion, with a growth rate of 23 percent, Maait added.

“There is ample room for flexible spending to address internal and external shocks and alleviate the burdens on citizens, in line with the bold government measures taken in recent times,” he clarified.

The minister also said there will be no increase in tax burdens on investors during FY2024/2025, emphasizing the government’s keenness on stabilizing tax policy to achieve economic stability in Egypt.

The amendments made to the comprehensive health insurance law aim to deduct the solidarity contribution from the tax base, he explained.