Finance Min. establishes unit to collect returns on T-bills, bonds

CAIRO – 24 June 2020: Minster of Finance Mohamed Ma’it, issued a decision to establish a unit at the Tax Authority, which is responsible for following up the collection and supply of the tax on the returns of treasury bills and bonds, and examining and reviewing these returns in coordination with the Misr Clearing, Depository and Central Depository Company, the banking sector, and all other concerned authorities.

Ministry of Finance clarified in a statement Wednesday that this unit also undertakes the follow-up of the collection and supply of the tax on capital gains for securities traded outside the cabin i.e. “not listed on the stock exchange,” and the examination and review of these returns and profits, in coordination with the Misr Clearing, Depository and Central Depository Company.

It added that this decision comes within the framework of efforts to enhance governance and raise the efficiency of tax collection to preserve the right of the state, in a way that contributes to achieving tax justice.

The statement added that the establishment of the unit contributes to raising the efficiency of collecting state dues from the tax on the returns of treasury bills and bonds, especially after the new tax treatment issued in February 2019, which aims to separate the revenues of the treasury bonds and bonds revenue in a “separate container” from the rest of the other income, and follow up Examining and reviewing these returns in light of opening the way for selling and trading of these instruments on the stock exchange; In a way that contributes to increasing the sales and purchases related to it, and

“It will also contributes to the speedy completion and collection of the tax on capital gains for securities “not listed on the stock exchange,” especially that they are not exempt from tax on them, and the delay in capital gains on the securities of shares listed on the stock exchange did not include them,” it added.