Ahmed Kouchouk, Minister of Finance announced the launch of a first package of tax facilities aimed at stimulating investment and improving Egypt’s tax system.
This came during a press conference held Wednesday in the presence of Prime Minister Mustafa Madbouly, at the government headquarters in the new administrative capital.
The minister stressed that the government seeks to build a more just and transparent relationship with the tax community through a new and simplified tax system focused on small and medium-sized financiers whose revenues reach EGP 15 million annually.
These facilities will include tax breaks and encouragement for small businesses and startups, as well as incentives for self-employed and entrepreneurs.
The package includes extensive tax exemptions, including exemption from capital gains taxes, dividends, stamp, monthly fees and documentation.
Simplified tax returns will also be filed and the number of VAT filings will be reduced to four filings per year.
The tax check will also be postponed for five years.
In an unprecedented move, delay fines will be capped, and companies will not bear any financial burdens beyond the original tax due, in the event of a delay in the tax examination.
This is intended to facilitate tax compliance and encourage non-tax-registered companies to register, as a new page will be opened with it without regard to previous periods.
Additional measures were also announced to simplify tax procedures, including the use of the central clearing system to settle debts with the government, the formation of an advisory board to standardize tax fatwas, as well as the development of a complaints portal and the improvement of the IRS website to facilitate access to tax information and decisions.
These steps come within the framework of enhancing confidence between the government and financiers and stimulating economic growth, as the Ministry of Finance seeks to create a more stable and clear investment environment in Egypt.
Follow the latest news on Google News
