Tue, 21 Jul 2020 - 10:03 GMT
Tax- CC via The Blue Diamond Gallery
CAIRO - 21July 2020: Finance Minister Mohamed Mait said Tuesday that a law on delinquent taxes, which was approved by parliament, includes a number of new incentives meant to alleviate the burden on financiers and taxpayers, especially to help them cope with the negative impact of coronavirus.
This law guarantees quick collection of state dues and maximizes government ability to offer services during that pandemic, Mait said in a statement.
It is one of the tools used by the government to handle the social and economic consequences of coronavirus, he noted.
About 90 percent of fees on delays or deserved additional taxes will be disregarded, if the full sum is paid within the first 60 days since the enactment of the law, the minister said.
He added that 70 percent of the fees will be dropped in case of payment within the following 60 days, and 50 percent will be cancelled in case of payment within the subsequent 60 days.
Taxpayers should be exempted from 100 percent of the fees, if they paid their full taxes before the bill was passed into law, Mait said. (