Tax Dispute Law adds LE 15.6B to the Egyptian Treasury – Min

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Sun, 11 Feb 2018 - 02:52 GMT

FILE - Egyptian Currency

FILE - Egyptian Currency

CAIRO – 11 February 2018: Ministry of Finance said Sunday that the Tax Dispute Law succeeded to add LE 15.6 billion ($ 881.47 million) to the Egyptian treasury through 19 committees for ending tax disputes whether in income taxes or sales taxes.

The Ministry of Finance referred that the Parliament's approval of the Tax Dispute Law came as a result of its successful implementation, according to the statement.

The statement added that during the last period of implementing this law, around 7000 tax disputes have been ended.

The ministry confirmed that the new dispute law allows the committees to end disputes at any level in all types of taxes, whether before the appeals committees for taxes on income or sales, value added tax and real estate tax, or before courts of all degrees.

In November 2017, Minister of Finance Amr al-Garhy announced the Cabinet's approval to extend the implementation of the law on settling tax disputes for two more years.

The Tax Dispute Law is specialized in income tax, real estate tax and value added tax (VAT).

In August 2016, Egypt’s Parliament approved a new law for settling tax disputes, targeting to resolve more than 6,000 tax disputes in courts, worth more than LE 47 billion.

Under that law, the government issued regulations to accelerate often lengthy tax disputes by resolving them through a committee of independent experts, instead of courts.

Egypt wants to achieve LE 603 billion in tax revenues in fiscal year 2017/2018, which represent around 40 percent of the state’s total revenues. Non-tax revenues in the budget are expected to stand at LE 229.5 billion.

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