The government is currently opening a new page with investors and people who have accumulated taxes for many years, and it has also provided great facilities in tax settlement files.. This is with the aim of legalizing the status of all companies in Egypt.. I wonder what Egypt has done to provide and legalize the status of all companies.. What are the tax facilities that the government provided to them?
This period, the government has opened a new page in many sectors in the country, and one of the most important files is the tax files and the settlement of taxes, which have been in progress for years, and were a fundamental reason for stopping the activities of many companies that represented an important part of the state’s local industries, and were a fundamental reason for providing local products to citizens and those after them. These factories and companies stopped working, and the government was forced to open the import of many types of these industries in order to meet the needs of the local market.
Ok, what did the government do in the tax settlement file for companies?
Minister of Finance Ahmed Kouchouk said that the government is currently working on 4 basic priorities for the benefit of citizens, investors and the Egyptian economy, and currently in a strong partnership between the Tax Authority and the business community that focuses on trust, certainty and support to make it easier for financiers, improve services and guarantee all rights and obligations.
The Minister of Finance also said that all partners and financiers praised the first package of tax facilities, and currently the Ministry has begun the trial operation of the central electronic clearing system between government receivables and debts to provide cash liquidity to investors.
The Minister of Finance also spoke about the old tax files that exist on companies and small investors, and said that the government decided to close all tax files that existed before the year 2020 in a balanced and simplified manner in order to establish trust with financiers.
The Minister of Finance said that the state has set clear limits to evaluate the path of tax reform, including having the ability to periodically review and correct, and there will be media communication with all segments of the tax community in order to reach all people, and the new system will link the incentive to the quality of services that the Tax Authority provides to taxpayers.
Kajok also said that for the first time, a simplified, integrated and stimulating system will be developed for emerging, small and medium-sized companies and entrepreneurial activities, whose business volume is 15 million pounds. It will include new incentives, exemptions and facilitations in all tax bases, such as income tax, value-added tax, stamp duty, state resources development fee, and exemption from capital gains, stamp duty and taxes. This month and documentation is not exempt from applying the deduction system, and it will be the first tax examination after 5 years, and the submission of tax returns for salaries and wages will be in accordance with the tax return. Annual settlement.
Kajok also said that for the first time, a maximum limit will be set for late fines that do not exceed the original tax, so that there are no large burdens due to the delay in the tax examination, so that we can resolve disputes and encourage those who are not registered in the tax system to register, and we will open a new page with them without looking at what has passed.
