Ahmed Kouchouk, Minister of Finance, confirmed that there are facilities and incentives for entrepreneurship projects and “freelancers” that include all tax bases “income, value added, stamp, and the state resources development fee,” within the first package of tax reforms within the framework of the path of “trust, partnership, and support” with the tax community.
He explained that, for the first time, a simplified and integrated tax system will be developed for emerging and small companies, liberal professions, and entrepreneurial activities as well, up to a business volume of 15 million pounds.
He pointed out the exemption from “capital gains”, “dividends”, “stamp” taxes, and monthly and documentation fees for those who join this simplified system, and also exemption from applying the discount or advance payment system, provided that only four declarations of added value are submitted during the year and the first examination will be. Tax returns after 5 years. Salaries and wages tax returns are submitted on the annual settlement return.
The Minister of Finance said at the Digital Payments, Financial Inclusion and Digital Banks Conference and Exhibition (PAFIX), that we have begun implementing the first package of tax facilities by restoring the sample examination system in all centers and missions, confirming our confidence in our financier partners, pointing out that the central clearing system between receivables and debts will be launched by the end of the year. This month; In order to make it easier for those dealing with the Egyptian Tax Authority.
“Kojok” conducted an inspection tour of the pavilion of the “e-Finance” company for financial and digital investments, accompanied by the company’s Chairman of the Board of Directors, Ibrahim Sarhan, and the pavilion of the Egyptian Tax Authority, at the Digital Payments, Financial Inclusion and Digital Banks Exhibition (PAFIX).
Automation helps in providing faster and better tax services
He stressed the importance of benefiting from the enormous information wealth that we have from our mechanized financial and tax systems to support some sectors and stimulate economic activity, explaining that “mechanization” helps us a lot in providing faster and better tax services, and the taxpayer must feel a tangible improvement in the tax reality.
The Minister of Finance said that improving, simplifying and unifying tax services for financiers and investors is a “top priority” that the Ministry of Finance and the Tax Authority are working on in order to reduce the burdens on the tax community, attract new financiers, and support the liquidity of our partners.
