During the conference of the American Chamber of Commerce in Egypt, Hanan Mohamed, Egypt Today During the conference of the American Chamber of Commerce in Egypt, Hanan Mohamed, Egypt Today

Tax revenues represent 72% to %75 of state's treasury

Wed, Jan. 23, 2019
CAIRO - 23 January 2019: The Egyptian Tax Authority represents from 72 percent to 75 percent of the resources of the Egyptian public treasury,Chairman of the Egyptian Tax Authority Abdel Azim Hussein said.

This came during a conference entitled “Digitalization of Tax Reporting and 2019 Policy Development” held by the American Chamber of Commerce in Egypt.

According the development of the Authority, Hussein stated during his speech that development process includes five axes which are simplifying taxes, digitalizing the resources, taxes legislations, and developing the infrastructure, besides developing Human Resources.

He elaborated that the goal of digitalization of taxes’ declaration is to inclose the tax community and the informal economy whether related to the electronic bills or taxes reporting.

Regarding new tax law, Hussein said that the new tax law is about to be finalized, noting that this law simplifies the tax regulations.

“After that latest problems of the last trial of digitalization showed up during that last period, the coming season of tax declarations will be limited to Money companies and not for individual companies,” Chairman of Tax Authority said.

He noted that the previous faced problem was from the executed company or from the network itself.

Hussein clarified the value added taxes reporting will be presented during January.

For his part, Deputy Chairman of the Egyptian Tax Authority Reda Abdel Kader said that the aim of the digitalization is to facilitate the service for the tax community.

Revenues of Egypt’s 2018/2019 budget are projected to reach a total of LE 989.2 billion, and taxes and tariff yields allocate to contribute LE 770.3 billion to the new budget’s revenues.
 
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