Latest in Tag: tax Highlight
Latest in Tag: tax

Egypt issues a simplified guide to tax benefits and incentives for investors
The guide includes rules and procedures to make use of these benefits, recognising the importance of developing tax and customs awareness among the business community in a way that contributes to attracting more investments, expanding exports, and then maximising production capabilities.

No exceptions to registration in e-invoice system: Tax Authority
As of 1 April, only electronic invoices will be considered in deducting or refunding the VAT, proving costs or expenses when submitting returns

Finance Ministry, Tax Authority keen on facilitating tax refunds
Youssef started off by affirming that The Ministry of Finance and the Egyptian Tax Authority are keen on facilitating tax refund procedures for non-resident tourists upon their departure.

Tax Authority urges companies to quickly join e-invoice system
He pointed out that the first phase includes 153 companies, according to Resolution No. 289 of 2022, starting from last July.

Finance Ministry forms integrated appeal committees to settle tax disputes
The committee will specialise in disputes related to the taxes stipulated in the income tax law, the stamp tax law, the financial resources development fee law, and the value-added tax law.

Finance Ministry gives taxpayers until end-August to benefit from tax concessions
Original tax must be paid before end of August to cancel 65% of delay fees

Receipt of requests to end tax disputes until end of December 2022: Finance Minister
The system has ended 58,871 tax disputes from September 2016 until the end of June 2022 with a value exceeding EGP 41.149bn

Nigeria and Egypt test different approaches to tax digital economy
More tax revenues derived from the digital economy could help governments of African countries save their crumbling education and healthcare systems.

Finance Ministry calls for accelerating tax payment before end-August
65% of delay fees will be overridden in case of early payment

Egypt’s Tax Authority demands taxpayers quickly pay original dues before end of June
This is in order to benefit from the facilities provided in the draft law to override delay fees and the additional tax dues that the Egyptian Tax Authority handles, including income taxes, value-added taxes, stamp taxes, and the state’s financial resources development fee.

E-receipt system not a substitute for e-invoice: Tax Authority
The e-receipt is a natural extension of the e-invoice system to cover all types of transactions

Two guidelines issued for tax treatment of e-commerce practitioners, content creators: ETA
Egyptian tax laws does not distinguish between traditional, e-commerce: Abdel Kader

saib achieves pre-provision, tax profit of $68.9m in 2021
Continuous growth of bank’s business is supported by ambitious expansion plans: Chairperson Al-Khouly

Tax Authority urges companies to quickly join e-invoice system
Digitizing tax procedures contributes to providing distinguished services

MSMEDA calls for small businesses to issue classification certificate to enjoy tax incentives
The new law provides business owners with a simplified tax system; where the volume of sales or business is determined through a simplified tax return prepared by the entrepreneur once a year and does not require books, documents or purchase invoices.

Egypt announces tax exemptions to boost economic growth
The amendments include the suspension of tax on imported machinery and equipment for industrial production for one year. In addition, medicine, active substances in its production, serums, vaccines, and blood and its derivatives, will be VAT free.

ADCB – Egypt achieves 48% growth in profits before tax in Q3 2021
Bank continues to successfully implement its expansion plans, develop digital services, says El-Sewerky

Egypt ready to transfer tax expertise to Sudan: Minister of Finance
‘We look forward to benefiting from Egyptian experience in developing tax system,’ says Sudan Taxation Chamber chief

Egypt welcomes OECD deal on global corporate tax rate
Landmark deal to reallocate $125bn of profits worldwide: OECD

Egyptian Tax Authority meets stakeholders to discuss obstacles of tax automation
Abdul Qader said, in a statement on Wednesday, that the Large Taxpayer Center is holding meetings with senior accounting and auditing offices to exchange views on the electronic system of ETA and the difficulties they face.

Minister of Finance to amend executive regulations of Income Tax Law
Amendments aim to facilitate tax collection procedures

Egypt’s bloggers, vloggers asked to register for income tax
Tax Authority calls on content creators whose revenues reach EGP 500k per year since online debut to register for VAT

Egypt’s Finance Ministry ends administrative forfeiture on 3k defaulting taxpayers
Defaulting taxpayers pay 1-10% of due taxes, amounting to EGP 159.7m

Egypt keen on stable tax policies to attract more investors: Finance Minister
New MSMEs law includes many incentives to integrate informal sector with formal economy

South Korea organises forum on Egypt’s tax, customs reforms
Forum discusses Egypt’s new Advance Cargo Information, e-invoicing systems

No intention to extend submission deadline for tax declaration beyond March: ETA
ETA’s YouTube channel explains how to file tax returns electronically

Simplified tax system could be applied to SMEs: Egypt’s Finance Minister
Addressing business owners, Egypt’s Finance Minister said, “You will not go to the tax authority, and a tax officer will not visit you.”

Tax Authority forms team to support financiers in joining e-invoice system
Reda Abdel Kader, Chairperson of the Egyptian Tax Authority (ETA), has formed a work team to provide support to financiers wishing to join the electronic invoice (e-invoice) system.

Egypt’s tax, customs departments to be e-linked by June 2022 end: Finance Minister
Linking all Egyptian ports to electronic platform to simplify procedures, reduce cost of goods, and reduce customs clearance time to less than three days, says Mohamed Maait

Tax exempt on government debt returns for overseas bodies still in place: Maait
Parliament proposes amending tax exemption on returns from government debt in which NOSI invests to 50%-65%