Egypt's Sisi urges localisation, global partnerships    EGP appreciates vs USD in early Sunday trading    Egypt calls for greater private sector role, debt swaps at G20 meeting    Al-Sisi, Macron discuss Gaza ceasefire efforts, France's planned recognition of Palestinian state    Over 60 million visits recorded under Egypt's Women's Health Initiative since 2019    State steps up efforts to streamline trade, digitise processes: Investment minister    Public enterprises minister reviews steps to restart carbon anode factory in Ain Sokhna after two-year hiatus    Culture minister launches national plan to revive film industry, modernise cinematic assets    Thailand, Cambodia clash on new front as tens of thousands flee    Macron's plan to recognize Palestinian state, divides Western allies    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt receives LE2 billion deferred taxes in March
Government move to encourage payment of overdue dues by offering substantial discounts is bearing fruit, according to the country's tax authority
Ahram Online Published in Ahram Online on 04 - 04 - 2012

Egypt has collected around LE2 billion ($333 million) in deferred taxes, the country's Tax Authority said on Wednesday.
Deffered taxes from both the private and public sectors accumulated for years under ousted president Hosni Mubarak's last finance minister, Youssef Boutros-Ghali.Estimates put the total of owed taxes at around LE60 billion.
Under a law introduced earlier this year, those owing such taxes get a 25 per cent reduction on the amount due if they paid before 31 March 2012.
Submitting between 1 April and 30 June entitles payers to a 15 per cent deduction, while paying between 1 July and 31 December brings a 10 per cent cut.
Authority head Ahmed Refaat said they expect to receive increased revenues in the next few months as taxpayers work quickly to take benefits of the new law.
Egyptian taxpayers are now able to file their returns at the country's major banks rather than queue at government offices using an electronic payment process introduced this year.
Using the new system, Egyptians can pay taxes at any branch of the 24 banks that have signed an agreement with the Ministry of Finance.
The service is provided by e-finance, a private firm contracted by the ministry, and will handle any tax payments in excess of LE1,000. Payments can be made via bank account transfer or with hard cash
Electronic tax collection is meant to streamline tax collection and increase revenues.
Tax revenue target for the 2011/2012 fiscal year is LE232 billion (around $38 billion).
Corporate taxes are expected to reach LE83.292 billion, two-thirds of which will be paid by the state-owned Suez Canal Authority and petroleum firms.
Target revenues for the 2010/11 fiscal year were LE200 billion, but only LE192 billion was eventually collected.
http://english.ahram.org.eg/News/38480.aspx

Clic here to read the story from its source.