Egypt Introduces Business-Friendly Tax Relief Measures to Boost Economic Growth

Egypt is implementing key tax reforms to foster a more business-friendly environment, particularly for small and international companies. Recent announcements (Sept 11-12, 2024) include a simplified tax regime for businesses with annual turnovers up to EGP 15 million, targeting small enterprises and freelancers. This initiative promotes compliance by allowing tax return submissions for 2021-2023 without penalties. For international companies, the threshold for transfer pricing studies has been raised to EGP 30 million, easing compliance for smaller firms. Additional measures streamline tax administration, including a risk management system, reduced penalties, and improved VAT refunds. These reforms aim to enhance revenue collection, attract foreign investment, and support Egypt’s economic recovery, positioning the country for sustained growth