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Tax Authority agrees with tourism industry to divide new tax into installments: chairman - Daily News Egypt

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Tax Authority agrees with tourism industry to divide new tax into installments: chairman

Installments will be based on each company’s circumstances

Tourism companies will be taxed based on their individual circumstances, according to Chairman of the Egyptian Tax Authority Dr Mostafa Abdel Qader.

Abdel Qader said he has agreed to divide tax payments for tourism companies according to the number of taxable years or a multiple of the number of taxable years, which will depend on the circumstances of each company and in accordance with Article 105 of Law 91/2005.

Abdel Qader told Al-Borsa that book number 10 for the year 2014 has been published to address the issues that the tourism sector faces in terms of taxes, pointing out that the authority has no problem agreeing to the establishments’ requests to reschedule debts pertaining to the General Sales Tax under the condition that the extra tax due will not be disrupted legally.

The current sales tax law imposes a fee ranging between 0.5% and 26% on those late in making payments.

Abdel Qader added that facilities have been made to grant taxpayers who own cars licensed for tourist trips an official letter allowing them to renew the license without the obligation to pay the taxes due, whether it is a general tax or sales tax.

He clarified that breaks have been arranged for owners of imported tourism transport vehicles who are subject to the General Sales Tax in accordance with rules and regulations.

Chairman of the Economic Committee of the Federation of Chambers of Tourism Wagdy Al-Kardany said that most companies demanded that the extra fees for making late payments on the tax be abolished.

Al-Kardany praised the decision to divide taxes into installments, saying that this takes into account the successive losses faced by the sector since January 2011.

Translated from Al Borsa newspaper.

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