By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Kuwait extends maturity of $2bn deposit at CBE to September 2023
    Kuwait extends maturity of $2bn deposit at CBE to September 2023
    March 26, 2023
    Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp
    Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp
    March 25, 2023
    Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
    TikTok updates its community guidelines
    March 23, 2023
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    March 23, 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    March 23, 2023
  • Politics
    PoliticsShow More
    Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
    Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
    March 26, 2023
    Al-Sisi follows up on Justice Ministry's efforts to accelerate trial procedures at courts
    Al-Sisi follows up on Justice Ministry’s efforts to accelerate trial procedures at courts
    March 26, 2023
    Egypt participates in Earth Hour initiative 
    Egypt participates in Earth Hour initiative 
    March 26, 2023
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Egypt’s tax, customs departments to be e-linked by June 2022 end: Finance Minister
Share
Notification
Latest News
Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
Politics Egypt
Kuwait extends maturity of $2bn deposit at CBE to September 2023
Kuwait extends maturity of $2bn deposit at CBE to September 2023
Business
Al-Sisi follows up on Justice Ministry's efforts to accelerate trial procedures at courts
Al-Sisi follows up on Justice Ministry’s efforts to accelerate trial procedures at courts
Politics Egypt
Egypt participates in Earth Hour initiative 
Egypt participates in Earth Hour initiative 
Environment Politics
Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp
Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp
Business Technology
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 > Egypt’s tax, customs departments to be e-linked by June 2022 end: Finance Minister
Business

Egypt’s tax, customs departments to be e-linked by June 2022 end: Finance Minister

Daily News Egypt
Last updated: 2020/11/28 at 2:52 PM
By Daily News Egypt 7 Min Read
Share
SHARE

Egypt’s Minister of Finance Mohamed Maait has revealed that the government intends to link the country’s tax, customs, and real estate tax services electronically by the end of June 2022.

Maait’s remarks came during an open meeting held with the president and members of the Egyptian Businessmen’s Association (EBA).

According to a Ministry of Finance statement, on Saturday, Maait said that he is keen to undertake dialogue with Egypt’s business community. He also said that it is a genuine partner in achieving comprehensive and sustainable development, with the dialogue aiming to closely identify and overcome the challenges the community faces.

During the meeting, Maait confirmed that there is a law that allows the Prime Minister to decide on temporary exemptions from the real estate tax for some sectors. This is based on the proposal of the competent minister, and has been put in place due to the novel coronavirus (COVID-19) pandemic.

In the current circumstances, Egypt’s real estate tax has been reduced on tourism facilities for several months, a facility that will come to a conclusion at the end of December.

The minister said that all tax departments were deprived from their administrative forfeiture. He noted that the administrative forfeiture should not be issued except after communicating with the owner of the commercial activity and the completion of an investigation by the relevant higher committee at the ministry into the incident to make the matter more equitable.

This comes in light of a full understanding of the importance of boosting production and maintaining employment, and awareness of the negative effects of asset forfeiture on the investment climate.

“We are moving aggressively on the path of digital transformation to modernise and automate the tax and customs administration systems,” Maait said, “This will be in a way that facilitates procedures and strengthens governance, broadens the export base, facilitates domestic and foreign trade, and reduces the cost of goods and services in local markets.”

He added that all Egyptian ports will be linked to an electronic platform through the one-stop-shop system in customs by the end of June 2021. The step will contribute to simplifying procedures, reducing the cost of goods, and reducing the customs clearance time to less than three days.

Maait added that the necessary measures are being taken to integrate Egypt’s regulatory authorities, and to provide laboratories for inspection in each port. He also pointed to the formation of one or more permanent joint committees in the inspection yards at each of the country’s customs port.

The minister said that the new customs law’s executive regulations will not be issued until after it is proposed for dialogue with the business community.

The customs law provides the possibility of the pre-clearance and payment of customs duties before the arrival of goods. It also permits the exchange of information and secured data electronically between the Customs Authority and state agencies or external parties.

This would reduce the time needed for the release of the goods without inspection through the green path. It would also allow for the establishment of an electronic system for advance information about the goods before they are shipped from the export port to the Egyptian ports.

He said that Egypt is the first country in the Middle East to implement the electronic invoice and electronic receipt systems, which will soon be implemented. Additionally, the experimental operation of the automated unified tax procedures system will be launched at centres for large and medium taxpayers, as well as major professions, at the end of next December.

The filing of declarations through this system will be available in those centres as of the next tax season. This system will be deployed over four stages to the remaining departments within two years, starting from next January.

Maait added that the Egyptian Cabinet has approved the licence for the Ministry of Finance to establish a company specialising in tax technology solutions operations. This will take place in the name of the E-TAX Technology and Operating Solutions Company, and will provide services and manage the operation and development of the electronic tax systems.

It will include the service provider system for the electronic invoice and electronic receipt systems, as well as the Egyptian Tax Authority’s (ETA) unified portal.

The minister said that the new amendments to the Income Tax Law will allow for the progressive construction of tax justice in Egypt. This will ensure that tax brackets are improved, and achieve tax savings for the lowest, middle, and upper-middle-income groups. It will also address the distortions that were present in the previous system, and which were based on tax deduction, in a way that helps reduce the financial burdens on citizens.

Maait pointed to the 60% increase in the tax exemption threshold as the exemption bracket for each taxpayer was raised from EGP 8,000 to EGP 15,000. This has come in addition to the increase in the personal exemption limit for salaried workers, from EGP 7,000 to EGP 9,000, with annual incomes of EGP 24,000 to be exempted from taxes.

He explained that a new social segment has been created for low-income people whose annual net income ranges from EGP 15,000 to EGP 30,000 in addition to the personal exemption limit, which brings the tax to 2.5%.

Income from those earning from EGP 30,000 to EGP 45,000 stands at 10%, with the income of those from EGP 45,000 up to EGP 60,000 is 15%. Those in the EGP 60,000 to EGP 200,000 income bracket are taxed at 20%, and those earning from EGP 200,000 to EGP 400,000 are taxed 22.5%. A new tax bracket of 25% has been created for those earning an income higher than EGP 400,000.

The minister said that the tax on micro, small, and medium enterprises (MSMEs) has been simplified according to the volume of sales through a single annual simplified tax return.

You Might Also Like

Kuwait extends maturity of $2bn deposit at CBE to September 2023

Connect with family and friends this Ramadan: How to manage the festivities with WhatsApp

TikTok updates its community guidelines

IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses

Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023

TAGGED: customs, finance minister, Mohamed Maait, tax
Share this Article
Facebook Twitter Email Print
Previous Article Ethiopians refugees flee into Sudan from Tigray Daily News Egypt Over 43,000 Ethiopians flee Tigray clashes into Sudan: UNHCR
Next Article 43 floating hotels in Egypt obtain health and safety certificates
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
Health Minister opens 1st production line of ‘Hepatitis B and Pentavalent’ vaccines in Egypt
Politics Egypt
Kuwait extends maturity of $2bn deposit at CBE to September 2023
Kuwait extends maturity of $2bn deposit at CBE to September 2023
Business
Al-Sisi follows up on Justice Ministry's efforts to accelerate trial procedures at courts
Al-Sisi follows up on Justice Ministry’s efforts to accelerate trial procedures at courts
Politics Egypt
Egypt participates in Earth Hour initiative 
Egypt participates in Earth Hour initiative 
Environment Politics
//
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?