Egypt expects IMF approval of loan package next week    The godfather of CIB Egypt bank, Hisham Ezz Al-Arab, returns as chairman – Al Arabiya    Hyde Park Developments showcases projects in east and west Cairo, North Coast at Cityscape Egypt exhibition    Misr Italia eyes EGP 7.5bn in sales during 2022    MNHD intends to deliver 1,500 units by year-end    K-pop creates mutual understanding between South Korea, Egypt: Korean Cultural Center    K-pop creates mutual understanding between South Korea, Egypt: Korean Cultural Center    Over 300 French companies urge gov't action on energy price crisis    Putin signs decree on partial mobilization in Russia    Three things to learn from Prince Harry about trauma and family    Three things to learn from Prince Harry about trauma and family    Three things to learn from Prince Harry about trauma and family    Angola's newly elected President appoints new Cabinet    Shoukry participates in ministerial meeting of Group of Friends of Global Development Initiative    Egypt's FM meets with his US counterpart on side-lines of UN General Assembly meetings    Korean Cultural Centre organises closing ceremony for traditional Korean music course at Academy of Arts    Egypt's gold reserves hike to $7,078bn in November – c.bank    Irrigation Minister stresses importance of scientific research in water sector    MV Logos Hope floating library to arrive in Egypt in January 2023    Self-care matters – 36% of professional gamers in MENA, Turkiye, Africa worry about mental health condition    Amazon unveils blueprint to boost workplace inclusivity for people with disabilities in Egypt    Dior showcases 2023 fall men's collection at Egypt's pyramids    Egypt holds its first championship in American dominoes    Egypt holds its first championship in American dominoes    Byline: Pressing save on the metaverse – the future of tangible experiences    Brazil-Argentina replay called off    US aquarium saves 150 sea turtles from cold    Tech giant Apple 'expresses interest' in acquiring Manchester United – report    Egypt operates solar-powered cars at 2 archaeological sites in Luxor    Egypt launches 200 Years of Continuing Science tourism campaign    QNB Group names TikToker Khaby Lame official FIFA World Cup Qatar 2022 brand ambassador    Three possible scenarios as Egypt's central bank governor resigns – MP    Adele is living a love story, wants to be a homemaker    In Photos: Egypt swears in 13 new ministers after major Cabinet reshuffle    Egypt's parliament approves Cabinet reshuffle in extraordinary session    Spain: prosecutor seeks 8 years sentence for Shakira over tax evasion    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 keen on stable tax policies to attract more investors: Finance Minister
New MSMEs law includes many incentives to integrate informal sector with formal economy
Published in Daily News Egypt on 24 - 07 - 2021

Egypt's Minister of Finance Mohamed Maait has stated that his ministry is keen on stabilising tax policies in the structural reform package, to create a business climate, and attract more investors.
The policies aim to: control the country's budget deficit rates and public debt of the gross domestic product (GDP); maintain sustainable economic growth rate; raise the efficiency of public revenue collection; and ensure its proper management.
This would eventually contribute to creating a business climate, attract more investors, and expand the developmental partnerships of the private sector.
The policies will strengthen the structure of the national economy, whilst improving the standard of living of citizens and upgrading the services provided to them.
In a statement on Saturday, Maait added that projects to modernise and digitise Egypt's tax management system contribute to stimulating investment and facilitating procedures for financiers and raising the efficiency of tax collection.
Tax revenues are expected to increase by 15% during the last fiscal year, without burdening citizens with any additional burdens.
The minister pointed out that the tax legislative umbrella has been developed in line with the process of modernising and mechanising the tax administration system. This is aimed at integrating the informal economy into the formal economy, and to lay the foundations for tax justice.
He said that the amendments made to the value-added tax (VAT) law aim to legalise the situation after the application of the electronic declaration system. They also aim to: enhance the financial inclusion of electronic payments (e-payments); deepen communication between the Egyptian Tax Authority and registrants electronically; and facilitate tax refunds on purchases of foreign visitors.
This can boost tourism and allow the temporary release for three months of incoming messages for production operations or activity so that they do not incur fines. This is in addition to exempting goods and services received for economic zone projects, in order to stimulate investment.
Maait said that the unified tax procedures law is an unprecedented legislative shift. It aims to integrate, simplify and automate the procedures for linking and collecting income tax, VAT, state financial resources development fee, stamp tax, and any similar tax.
Electronic means are approved in the form of: tax proofs; communication with financiers and taxpayers; established books and records; tax assessment and collection procedures; ways to appeal against tax assessment forms; and the application of the electronic signature system.
Maait also said that the new micro, small and medium enterprises (MSMEs) law includes many incentives to integrate the informal sector with the formal economy.
The minister noted that the temporary licence issued for each of these projects replaces any approvals or other legal procedures. The tax due during the validity period of the temporary licence was set at EGP 1,000 annually for micro-informal economy projects whose annual turnover is less than EGP 250,000.
It stands at EGP 2,500 annually for projects whose annual turnover ranges from EGP 250,000 to EGP 500,000, and EGP 5,000 annually for projects whose annual turnover ranges from EGP 500,000 to EGP 1m, without the need to keep books.


Clic here to read the story from its source.