Urges applying progressive tax

Head of the Egyptian Union for Investors Associations Mohamed Farid Khamis on Saturday called for applying the progressive income tax.

Addressing Akhbar el Youm's third economic conference, Khamis said he owns factories in the US and pay taxes that exceed 40 percent of profits.

He added that the investment is the only right solution to the development problems.

The political, economic and social stability, the size of the market, the availability of investment opportunities, the cost of business, the simple procedures, the measures taken to overcome obstacles, the equality between investors, and the equal opportunities are important elements for any investor before deciding to pump investments in any country, Khamis said.

We are optimistic about the coming period after the government took good and urgent economic steps, he added.

Khamis said that President Abdel Fattah El Sisi always calls on the state agencies not to delay decisions needed to improve the national economy, along with paying attention to the low-income people by expanding the social protection umbrella.

He added that decisions taken by the government to liberalize the exchange rate, increase the interest rate, and restructure the subsidy represent the right start for the country's economic recovery.

Source: MENA