Taxes
Trump Targets Foreign Films with 100% Tariff, Calling Overseas Incentives a ‘National Security Threat’.
Rasha Abdel Aal, head of the Egyptian Tax Authority (ETA), confirmed that the long-awaited tax relief package, aimed at benefiting both taxpayers and businesses, will be rolled out in March.
To promote compliance with the recently approved tax incentive and relief laws, he urged businesses that have yet to register in the tax system to do so within the designated timeframe, assuring them there would be no penalties for past tax periods.
She also highlighted the fully-equipped Digital Services Center at the Treasury headquarters in Lazoghly. The center, staffed with a skilled team and supported by the latest technology, is designed to assist taxpayers with electronic filing and provide immediate support as needed.
The FinMin also outlined that the Ministry of Finance is rolling out 20 new measures designed to improve the tax environment for businesses of all sizes, stressing that these measures are part of a realistic and solution-driven approach
Kouchouk emphasized that Egypt’s immediate goal is to reduce the country’s debt-to-GDP ratio to 85 percent by the end of the current fiscal year during an economic conference on Monday
Kouchouk added that these aim to stimulate growth among small businesses, simplify tax processes, and resolve existing tax disputes
Abdel Aal clarified that the suggested reforms are part of a strategic plan aimed at ensuring the sustainability of Egypt's tax system while adhering to international best practices that prioritize taxpayer satisfaction.
El-Kilani shared that the tax facilitation package aims to establish a comprehensive tax system for businesses with annual revenues not exceeding LE 15 million as part of the government's efforts to encourage and support small enterprises through simplified tax treatment.
The Egyptian prime minister presented investment incentives to the Saudi Industry Minister.
This includes assembly and feeder companies, as well as all entities participating in the national program for the development of the automotive industry
The country’s GDP was recorded at LE 2.14 trillion, up from LE 2.09 trillion in FY2022/2023, according to the report
Tax revenues as of the end March grew by 24.1%.
The council, chaired by the Prime Minister, will include heads of the Federation of Egyptian Chambers of Commerce, Federation of Egyptian Industries, and Egyptian Federation of Investors Associations
The minister added that Egypt has accumulated around LE 171 billion in the July 2023 – January 2024 period
The new tax system stated that establishments with a business turnover below LE 250,000 will be subject to an annual tax of LE 1,000
The minister met with delegates from the General Federation of Egyptian Chambers of Commerce (FEDCOC), and its president, Ahmed El Wakil
The first draft of the new policy has been completed, the source revealed, and will likely be finalized and ready for public viewing as early as next month. The new policy is intended to promote investment and investor confidence
In a report by the House of Representatives Planning and Budget Committee on the draft bill released last month, this would ease the tax burden on low-income citizens and is in line with the state's commitment to promoting social justice
According to the finance minister, Egypt seeks to improve the ratio by expanding automated tax solutions, specifically targeting the integration of the informal economy into the formal economy
