Egypt tapped for leading role in WB's 1.5b health coverage push    Asia-Pacific stocks mixed on Tuesday    Novartis plans expansion in Egypt – Cabinet    Egypt welcomes 25-nation statement urging end to Gaza war    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Madbouly reviews legalisation of newly annexed lands to new cities, housing offerings    Egyptian Countryside Development chief discusses cooperation with Italian ambassador    CIB completes fifth securitisation issuance for B.TECH worth EGP 859.4m    Roche helps Egypt expand digital pathology and AI diagnostics    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt exports 175K tons of food in one week    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt's Health Minister reviews upgrades at Gustave Roussy Hospital    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    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.



Formation of Supreme Tax Council enhances economic reform: Finance Minister
Published in Daily News Egypt on 25 - 03 - 2024

Finance Minister Mohamed Maait announced the formation of the Supreme Tax Council under a presidential decree. Chaired by the Prime Minister, the council includes leaders from industry unions, chambers of commerce, and investor groups, alongside business community representatives, tax associations, accountants, and economic, financial, and tax experts from academia. This initiative supports the state's economic reform efforts to empower the private sector and boost investment, encouraging investors to grow their productive and export activities, thereby fortifying the economy and enhancing growth rates.
In a statement on Monday, Maait emphasized the council's diverse representation, which allows stakeholders to shape tax policies and oversee their execution via robust institutional mechanisms. The council wields extensive authority to develop a progressive tax system that fosters investment and regulates the tax relationship between investors and the state.
The council's responsibilities include reviewing tax legislation, executive regulations, and issues referred by the Cabinet. It aims to improve tax administration efficiency, promote tax neutrality, and encourage voluntary compliance. Additionally, it will address complaints and challenges within the tax community, providing solutions, technical support, and legal advice to protect taxpayer interests.
Maait detailed that the council will aid tax authorities in creating educational guides on tax examination rules and procedures, fostering taxpayer awareness of their rights and duties. A document outlining taxpayer rights is also planned, alongside ongoing evaluation of tax administration initiatives to ensure fair tax and customs collection and minimize disputes.
Coordination between the Ministry of Finance, the Supreme Tax Council, and the Supreme Investment Council will focus on leveraging taxation to stimulate economic activity. The Supreme Tax Council will devise strategies to manage tax arrears and expand the tax base, integrating the informal economy to ensure tax equity.
Finally, Maait indicated swift preparations for the inaugural meeting of the Supreme Tax Council, enabling it to commence its duties as defined by Law No. 30 of 2023, which amends certain aspects of the Income Tax Law, and the presidential decree establishing the council.


Clic here to read the story from its source.