By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Opinion| Will the BRICS group give a lifeline to the Global South against the dominance of the US dollar?
    Opinion| Will the BRICS group give a lifeline to the Global South against the dominance of the US dollar?
    June 8, 2023
    AUR Capital concludes second securitized bond issuance of EGP 1.124bn 
    AUR Capital concludes second securitized bond issuance of EGP 1.124bn 
    June 8, 2023
    Matouk Bassiouny & Hennawy consults on more than 18 deals currently: Founding partner
    Matouk Bassiouny & Hennawy consults on more than 18 deals currently: Founding partner
    June 8, 2023
    Egypt’s petrochemicals exports surge 23% to $8.629bn in 2022
    Egypt’s petrochemicals exports surge 23% to $8.629bn in 2022
    June 8, 2023
    Trade exchange between Egypt, COMESA countries increases to $5.3bn in 2022: CAPMAS
    Trade exchange between Egypt, COMESA countries increases to $5.3bn in 2022: CAPMAS
    June 8, 2023
  • Politics
    PoliticsShow More
    Opinion| The suspension of Russia's participation in the START Treaty portends an imminent nuclear war
    Opinion| The suspension of Russia’s participation in the START Treaty portends an imminent nuclear war
    June 8, 2023
    Israel's neglect of Palestinian issue threatens regional, global security: Palestinian Foreign Ministry
    Israel’s neglect of Palestinian issue threatens regional, global security: Palestinian Foreign Ministry
    June 8, 2023
    Renewed clashes erupt in Sudan’s Omdurman, Khartoum
    Renewed clashes erupt in Sudan’s Omdurman, Khartoum
    June 8, 2023
    Abdel Ghaffar highlights Egypt’s government achievements in health sector during Africa Health ExCon
    Abdel Ghaffar highlights Egypt’s government achievements in health sector during Africa Health ExCon 
    June 8, 2023
    A legally binding agreement must be reached on GERD: Al-Sisi
    A legally binding agreement must be reached on GERD: Al-Sisi
    June 8, 2023
  • Interviews
    InterviewsShow More
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    May 31, 2023
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: ETA will not accept any cash payments over EGP 5,000 starting January 2019: ETA deputy
Share
Notification
Latest News
Egyptian drama and cinema industry: challenges and solutions
Egyptian drama and cinema industry: challenges and solutions
Cinema Culture
Opinion| The suspension of Russia's participation in the START Treaty portends an imminent nuclear war
Opinion| The suspension of Russia’s participation in the START Treaty portends an imminent nuclear war
Opinion Politics
Opinion| Will the BRICS group give a lifeline to the Global South against the dominance of the US dollar?
Opinion| Will the BRICS group give a lifeline to the Global South against the dominance of the US dollar?
Opinion Business
AI outperforms standard risk model for predicting breast cancer
AI outperforms standard risk model for predicting breast cancer
Science
AUR Capital concludes second securitized bond issuance of EGP 1.124bn 
AUR Capital concludes second securitized bond issuance of EGP 1.124bn 
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > ETA will not accept any cash payments over EGP 5,000 starting January 2019: ETA deputy
Business

ETA will not accept any cash payments over EGP 5,000 starting January 2019: ETA deputy

Nevine Kamel
Last updated: 2018/06/28 at 4:33 PM
By Nevine Kamel 3 Min Read
Share
SHARE
Mohammed Abdul Sattar, deputy head of the Egyptian Tax Authority (ETA), said that the coming period will see a big boom in the reform of the tax administration, the automation of all checks and payments, and the submission of declarations, allowing the preparation of an integrated database of financiers.
Abdul Sattar said that as of 1 January 2019, the ETA will not accept any cash payments of more than EGP 5,000, the acceptance of paper checks will be stopped, and bank accounts will be dealt with, adding that the project to prepare e-bills will soon be completed, which will allow for the organisation of all financial transactions in the markets and the survey of the tax community.
This came during the meeting held by the customs and tax committee in the American Chamber of Commerce in Cairo headed by Hassan Hegazy, which was attended by a large number of members of the chamber and taxpayers of major companies.
Abdul Sattar said that the department has succeeded in achieving 100% of the tax revenue target for the current fiscal year 2017/2018, whether in income tax or value-added tax, and it has completed the examination of more than 4,000 requests for refunds of the tax, in addition to answering 22,000 queries.
On the law of settling tax disputes, he said that EGP 16bn have been collected since the law came into force and that 80% of the cases resolved were in the last week of the general period specified by the previous law. This motivated the ministry to study shortening the legal period of the current law to four months, down from two years.
Responding to the questions of the attendees, Abdul Sattar stressed that all cases that are submitted to settle tax disputes are examined regardless of the value of the tax, as the ETA is fully aware of the importance of this matter to create an investment climate.
He pointed out that disputes for oil companies were settled after agreeing with the Egyptian General Petroleum Corporation (EGPC), identifying exempted activities, and the situation of the subcontractors dealing with these companies.
He said that the tax accounting principles are currently being prepared to deal with Uber and Careem after their conditions have been formalised under the recently issued Land Transport Law, and there is a six-month period to reconcile them.
He said that the Ministry of Finance started opening the e-commerce file and selling through the internet, in addition to how to collect stamp tax on internet ads, noting that committees are studying this file to see the need of issuing new legislation or amend existing laws to subject them to tax.

You Might Also Like

Opinion| Will the BRICS group give a lifeline to the Global South against the dominance of the US dollar?

AUR Capital concludes second securitized bond issuance of EGP 1.124bn 

Matouk Bassiouny & Hennawy consults on more than 18 deals currently: Founding partner

Egypt’s petrochemicals exports surge 23% to $8.629bn in 2022

Trade exchange between Egypt, COMESA countries increases to $5.3bn in 2022: CAPMAS

TAGGED: American chamber of commerce, Egyptian Tax Authority, ETA, taxes
Share this Article
Facebook Twitter Email Print
Previous Article Egypt’s Interior Ministry identifies suspect behind Alexandria security chief’s bomb attack 
Next Article Neivin Mamdouh, organizer in World Cup Meet this female Egyptian World Cup organiser
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Egyptian drama and cinema industry: challenges and solutions
Egyptian drama and cinema industry: challenges and solutions
Cinema Culture
Opinion| The suspension of Russia's participation in the START Treaty portends an imminent nuclear war
Opinion| The suspension of Russia’s participation in the START Treaty portends an imminent nuclear war
Opinion Politics
Opinion| Will the BRICS group give a lifeline to the Global South against the dominance of the US dollar?
Opinion| Will the BRICS group give a lifeline to the Global South against the dominance of the US dollar?
Opinion Business
AI outperforms standard risk model for predicting breast cancer
AI outperforms standard risk model for predicting breast cancer
Science
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?