Egypt’s Ministry of Finance denied news circulated on any fundamental amendments made to the income tax and value-added tax (VAT) laws, Invest-Gate reports.

The ministry confirmed in an official statement on July 30 its keenness on stabilizing the tax policy, both of income and value-added.

News agencies reported that the government is working on a new income tax law during the current fiscal year, and expects to have an initial draft ready within two months, Finance Minister Mohamed Maait said during a press conference on July 29.

With regards to amendments to the income tax or VAT laws, the ministry endeavors to simplify and facilitate procedures, while introducing more standards of governance and reducing the disputes, Maait explained.

Ministry of Finance confirmed its full support to Egypt’s investment climate by providing a legislative and tax structure that is more stimulating, attractive, and stable.