Cairo, 3 October 2024 (ECA) - The Economic Commission for Africa’s North Africa Office has successfully concluded a five-day capacity building workshop on the taxation of State-owned enterprises in Cairo, organized in partnership with the Egyptian Ministry of Finance.
The workshop provided Egyptian tax officials with the knowledge and skills needed to audit state-owned enterprises (SOEs) under Law No. 159 of 2023, which eliminates tax exemptions for state-owned enterprises (SOEs).
“This workshop is part of a series of trainings the United Nations Economic Commission for Africa (ECA) is organizing across North Africa to enhance tax revenue through improved tax policy and administration. Developing countries currently face limited access to external borrowing to address multiple, simultaneous crises, hence the importance of optimizing their internal sources of revenue to improve their ability to fund policies and implement the Sustainable Development Goals,” said Khaled Hussein, Chief of Sub-Regional Initiatives Section at ECA North Africa Office.
“Participants included senior tax officials from large taxpayer centers, supervisors, and auditors responsible for reviewing large taxpayers’ annual and monthly returns, gained a deeper understanding of the new law and its implications. They were also equipped to better address the need for improved tax compliance” said Hamed Akl, Under-Secretary of Ministry of Finance, Egypt.
Key knowledge acquired at the training included skills needed to improve tax compliance, conduct audits, identify and address risks and issues faced by state owned enterprises; minimise tax risks and navigate the challenges and opportunities presented by the new tax regime.
With a population exceeding 100 million, Egypt is among the largest economies in Africa and the Middle East. However, the country is currently facing significant economic challenges. With taxes accounting for more than 75% of general government revenue, improving tax compliance is critical to the government’s ability to finance enhanced public services and infrastructures while adhering to IMF recommendations for strengthening the country’s economic resilience.