Sigma Capital

16-09-2024

Details of the new package of facilities will be announced in the coming weeks:Taxes

Source: MIST

Al Mal-


Rasha Abdel Aal, Head of the Egyptian Tax Authority, stressed the keenness of the Minister of Finance and the Authority and their sincere desire to open a new page with businessmen, investors, entrepreneurs, industrialists and traders and various categories of the tax community, and that the principle of trust is the main principle that will be dealt with with all taxpayers, as we want to enhance trust, change the mental image and achieve transparency and justice.

She pointed out that with regard to investment, during the past period, all the challenges, obstacles and problems on the ground that faced them and hindered the growth of their investments were studied, and work was done to facilitate and prepare the work environment in the market and investment climate and encourage investors to be present and grow in Egypt.

She pointed out that the announced tax facilities package is a large and huge package with many tax facilities that include all tax bases and all activities and all taxpayers with different business sizes, each of whom has its own facilities that suit its activity, in addition to many other tax facilities that will contribute to ending the disputes that have accumulated over the past years.

She said that the tax concessions package is full of many details and it was decided that all the items of the concessions package would be announced in general and during the next four weeks a group of tax concessions items will be announced in detail each week so that they can be discussed and explained and the necessary community dialogue will be conducted and we will receive comments from financiers and the business community until we reach a final and satisfactory vision for all, and once all the details of the concessions package are published, the tax policy strategy will be announced, which includes the tax roadmap until 2030, noting that one of our goals is to enhance communication with the business community. Rasha Abdel Aal explained that within the package of tax facilities, an integrated system was created for taxpayers whose business volume does not exceed EGP 15 million annually, for all tax bases (income, value added, stamp duty, development fee, and profit distributions), and a set of facilities were also created for their tax obligations. We aim to send a reassuring message to the informal sector, “that by joining the official system voluntarily, we will overlook all your commercial or service transactions that you carried out before joining the official economy system, and all tax obligations will be clear and very easy and simple, and joining the official system will help you expand the scope of your business and will enable you to export, participate in official exhibitions, deal with government agencies, and other benefits,” stressing that this item of tax facilities is one of the first items that will be put forward for community dialogue. She pointed out that among the tax facilities that confirm our sincere desire to open a new page with taxpayers is that the taxpayer who was unable to commit to submitting his tax return within the legal deadlines for any reason for specific years that will be announced later will be able to submit his return without penalties, adding that the possibility will also be made available to taxpayers to submit amended tax returns for specific years that will also be announced in the event of an oversight, error or omission of data that was not included in the original return without being subject to the penalties stipulated by law.