The onset of COVID-19 has brought about fears of bankruptcy for companies globally.
He said this will contribute to promoting justice with regard to taxes as tax slices would alleviated burdens on people.
This law guarantees quick collection of state dues and maximizes government ability to offer services during that pandemic, Mait said in a statement.
Also, the parliament endorsed a bill amending some provisions of income tax law no. 91/2005.
This raised mobile lines' annual subscription from six to 8 pounds to be deducted from mobile phone charge cards by 68 piasters monthly.
In a statement on Wednesday, the ministry dismissed as groundless statements attributed to Finance Minister Mohamed Maait in this regard.
The move comes as part of the tax authority's measures to ease the collection process for all the taxpayers amid the coronavirus crisis.
The ministry said the revenues from the income tax increased by LE 13.3 billion to register LE 120.2 billion.
That is two weeks after he was sentenced to five years in prison by Tax Evasion Misdemeanor Court.
Ministry of Finance is about to finalize a new draft law on income tax.
The crimes varied from bribery and administrative corruption to illegal currency trade, money laundering and tariff evasion.
They did not collect LE1.304 billion ($78 million) from lessees of beaches of a number of beaches in Alexandria.
They collected less revenues by LE130 million and manipulated the value of the units.
Egyptian Ministry of Higher Education and Scientific Research ordered collecting LE 10 ($0.56) from each of the students of private higher institutes and universities as contribution to a national fund honoring martyrs.
Mexico's new leftist President Andres Manuel Lopez Obrador on Monday decreed tax cuts for northern states that he says will help power economic growth and deter migration to the United States.
Jordan's parliament approved a new IMF-backed tax law on Sunday after introducing some changes in a move to push ahead with crucial fiscal reforms.
Egypt’s tax revenues increased to LE 628 billion in fiscal year 2017/2018, compared to LE 433 billion in the previous fiscal year 2016/2017.
Federal prosecutors in New York are examining whether U.S. President Donald Trump's former lawyer, Michael Cohen.
Digital giants Google and Facebook have both dominated the advertising market in the United Kingdom.
Aston Villa have reached an agreement with British tax authorities (HM Revenue & Customs) over a tax bill and are currently not working with administration advisors or insolvency practitioners