The registered small gold company can calculate its income tax scale on the value-added, measured as a difference between revenues and allowable purchases, according to Ragab Mahrous, the Counselor of Egypt's Tax Authority Chief.
In his address at "Egypt's Jewelers’ Forum organized by “I Sgha” firm, Mahrous explained that the income tax can be easily calculated by using the sectoral policies, or a proportional tax, as well as calculating the total revenues, and their amount of purchases.
"The gold dealer's income tax might be a proportional tax, but implementations are often progressive and sometimes regressive depending on deductions and exemptions in the tax base and their annual digital marketing budget "(Social media marketing), " he noted.
"They are required to pay taxes, which is based on their net profit margin in accordance with the Small- and Micro-Enterprise Development Act No. 42/2020 on taxies, he added.
Contributed by Ahmed Emam
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