Trade and finance are discussing with export councils the exporters' adjustments of the Export Burden Program
The meeting was moderated by Eng. Hossam Farid, Advisor to the Minister of Commerce and Industry for Small and Medium Enterprises and the General Coordinator of Export Councils. The meeting was attended by Dr. Ahmed Kogak, Deputy Minister of Finance for Financial Policies, Dr. Amani Al-Wasal, Executive Director of the Export Development Fund.
Eng. Hossam Farid, Advisor to the Minister for Small and Medium Enterprises, said that this meeting comes within the framework of following up the duties of Dr. Mostafa Madbouli, Prime Minister of the Ministry of Commerce and Industry, to prepare a new program that is more effective than the previous program to stimulate Egyptian exports to foreign markets.
Farid explained that the meeting dealt with the mechanisms of payment of the dues of the exporting companies to the Export Development Fund until the end of December 2017 through the settlement of tax dues on the companies in favor of the Tax Authority, as agreed with the Prime Minister, noting that it was agreed during the meeting on The selection of the largest 68 companies from the exporting, which represent 6 sectors of export, to be held this week with representatives of these companies to discuss ways to settle their dues from the Fund in return for tax liabilities due to the Tax Authority.
He added that this mechanism represents the first phase of the set of mechanisms agreed upon with the State of the Council of Ministers to settle the receivables of companies from the program of refund of burdens. The following stages include the settlement of corporate receivables against other types of taxes including VAT and real estate tax, Such as social insurance and electricity, pointing out that during the second half of next June, the Board of Directors of the Export Development Fund will be invited to adopt the mechanisms of the new program.
The Minister's Advisor for Small and Medium Enterprises pointed out that during the meeting, a number of proposals were also presented to the heads of the export councils, which included the possibility of settling the dues of the companies operating in the free zones in the Fund against the fees owed by the companies to the Investment Authority. Of the Economic Ministerial Group.
For his part, Dr. Ahmed Kogak, Deputy Minister of Finance for Financial Policies, said that a working group was set up in the ministry in light of the directives of the Council of Ministers in cooperation with the Export Development Fund, where the group obtained from the fund lists of names of companies exporting their dues with the Fund. Including all types of tax arrears owed by companies to the Ministry of Finance.
He pointed out that the State is serious in supporting Egyptian exports as one of the most important sources of bringing the hard currency to the Egyptian economy, stressing in this context the importance of the new program to respond to the export burdens which is a strong supporter to achieve a boom in export rates of Egyptian products to various foreign markets.
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