Mohamed Maait, Minister of Finance, said that there is a presidential mandate to quickly settle tax disputes out of courts. In a manner that creates a proper environment for the business climate, stimulates investment, encourages investors to expand their investment activities in Egypt, and attracts more local and foreign investments. This should be in line with the goals of comprehensive and sustainable development to improve the lives of citizens and enhance the services provided to them.
After his meeting with the Omani Ambassador in Cairo, Abdullah Al-Rahbi, and his accompanying delegation on Monday, Maait said that he is personally following up the efforts of the committees to end tax disputes amicably with investors, and the results of their work; to ensure the speed and accuracy of achievement in this vital and influential file, in line with the Tax Authority’s development and digitization projects that aim to facilitate, standardize and automate procedures, strengthen governance, achieve tax justice, and maximize efforts to integrate the informal economy into the formal economy.
He added that the ministry succeeded in a joint meeting between specialists in the Egyptian Tax Authority and representatives of Petrogas Oman, in the presence of the Omani ambassador in Cairo to end the tax dispute about the nature of the company’s work and activity in Egypt, as well as its due taxes according to the documents submitted by the company, and the established legal controls.
Maait indicated that the ministry has made great strides in tax digitization projects, and that the business community has noticed remarkable progress in the efficiency of the tax system as a result of implementing the first phase of the unified automated tax procedures system and the electronic invoice system.
He added: “We are proceeding to complete the digital transformation process by starting the actual application of the electronic delivery system, on 1 April, from the outlets of sale, purchase and provision of services, to follow up on commercial transactions between financiers and consumers in real time, in a way that contributes to maximizing efforts to integrate the informal economy into the formal economy. We also aim to lay the foundations for a more advanced tax system that stimulates investment, reflecting the natural size of the Egyptian economy.”