The Egyptian Minister of Finance Ahmed Kouchouk confirmed that y tax facilities package, including incentives for the business community, will be the "first step" in the path of boosting relationship between investors and the Tax Authority.
The minister explained in a statement, Wednesday, that the ministry started to study the challenges facing the business community, reflecting its seriousness in meeting the demands and needs of the tax community.
The minister said, in positive messages to the business community during a press conference at the Cabinet in the presence of PM Mostafa Madbouly: Today we announce the beginning of a new page between the Tax Authority and the business community based on "partnership, support and certainty."
The minister added that there will be a simplified and integrated tax system for those whose annual business volume does not exceed EGP 15 million from SMEs, with incentives to integrate informal economy projects into the formal ones.
The minister confirmed that tax returns will be simplified, the sample inspection system will be expanded to include all tax centers, and the tax inspection will rely on working with a risk management system for all taxpayers in all tax offices and regions; to facilitate on the tax community.
"We will work to quickly resolve disputes and accumulated tax files to boost economic activity, and raise the exemption limit for international companies to EGP 30 million," he added.
The minister pointed out that a new central "settlement mechanism" will be approved for investors, and the value-added tax (VAT) refund system will be simplified.
Finally, he explained that the ministry will work seriously to invest heavily in raising the efficiency of employees of the Egyptian Tax Authority and improve their conditions in a manner that is commensurate with the burdens and responsibilities required of them.
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