Taxes
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
Officially, a recent Ministry of Finance release reported it recorded a surge in tax revenues by 27.5 percent, reflecting the ministry’s digitization efforts
Participants in the National Dialogue's manufacturing session stipulated Tuesday the necessity of boosting the volume of exports, making commercial attaches more effective, and setting a national strategy to develop the sector.
Economic Expert and Member of Al Masreyin Al Ahrar (The Free Egyptians Party) Mohamed Badra attended Tuesday the National Dialogue's session on public debt and budget deficit putting forward two suggestions.
These, and the continuous efforts to mitigate the negative effects of global challenges, demonstrated Egypt's strong management of public finances, Maait said
The draft law will cancel all legal provisions granting preferential treatment to state-owned companies, the PM explained
Google noted that it will charge the VAT on its “e-services unless we have your Egyptian Tax ID number”
The income tax imposed on individuals earning more than LE 1.2 million annually is expected to generate around LE 4 billion, said Mohamed Maait, Finance Minister, in a separate statement
Companies can now submit a pledge, either personally or through a legal representative, with a certified signature from banks
Egypt's law allocates a special account to organize spending measures of stragy animals
The amendment aims to lift the tax of “advancing financial resources” off both the components needed for local mobile phones production and the locally manufactured end product, while maintaining the same tax on imported counterparts used for commercial gains.
The draft law stipulates that “an Egyptian who has a valid residency abroad has the right to import one private passenger car for his personal use, exempt from taxes and fees that had to be paid to release the car, including the value-added tax and the schedule tax.
Minister of Foreign Affairs Sameh Shokry was received early on Monday by his Luxembourgish counterpart Jean Asselborn.
Abdel Kader pointed out that this comes within the framework of cooperation between the Ministry of Finance and the Authority with the MSMEDA to facilitate the owners of medium, small and micro enterprises to register at the tax authority.
Taxes digitization projects are a successful model for partnership with the private sector, as the national project to modernize and mechanize the tax system, with its various tributaries, is being implemented in cooperation with major international companies operating in Egypt.
Advisor to the Minister of Finance for Tax Affairs stated that an independent unit has been established in the Tax Authority for e-commerce, and decisive legal measures have been taken against violators.
The Egyptian minister said in a statement, Monday that the imposition of laws can only be done through legislation approved by the Cabinet and approved by the House of Representatives, and not by ministerial decisions.
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