tax
Tax receipts from sovereign authorities increased by about LE 12.3 billion, or 11.8 percent, to reach LE 117 billion during 11 months, compared to about LE 104.7 billion during the same period of the previous fiscal year.
Egypt aims to achieve tax revenues of LE 1.16 trillion during the next fiscal year, compared to expected tax revenues of LE 983.01 billion during the current fiscal year.
Reda Abdel Qader, chairperson of the authority, called on the companies obligated to join the system in its seventh phase, to quickly implement the registration procedures as well as obtain the electronic stamp before June 15.
While checking the FY2022/2023 draft budget, President Abdel Fatah al-Sisi instructed the government to immediately prepare a bundle of financial and social protection measures.
In a press release on Sunday, he added that this comes within the finance minister’s directives in which the campaign will start in Gharbiya governorate.
The first tranche: Up to an amount of LE 250,000, an amount of LE 1,500 will be obtained.
Abdel Kader added that they are continuing to complete all stages of the system within the specified times.
Abdel Kadir pointed out that some merchants and sellers on some electronic platforms practice e-commerce activity, without having tax files for them at the authority.
He expounded that magnifying revenues would reduce the budget deficit, public debt and inflation rates.
It added in a statement that the amendments aim to address some of the problems that have emerged during the practical application of the provisions of this law.
It contributes to addressing the tax challenges arising from the digitization of the economy, so that multinational companies pay a fair share of taxes wherever they operate and generate profits in different countries of the world, Youssef clarified.
Maait clarified that this is the result of the careful implementation of harmonious and balanced financial and economic policies.
Abdel Kader said in a statement, Sunday that more than 82 million electronic invoices have been sent to the system since its activation until now.
Abdel Kader clarified that the Ministry of Finance is closely following the Tax Authority to list transactions that take place through electronic platforms, and determining who does them, to include informal economy of the official system, and to reclaim the rights of the state’s public treasury.
This step is also in line with Egypt's Vision 2030 and the country's digital transformation strategy, the Finance Ministry said in a statement on Tuesday.
This came in the presence of Deputy Minister for Public Treasury Affairs, Ehab Abu Aish, and Deputy Minister for Financial Policy and Institutional Development Ahmed Kojak.
Maait said in a TV interview that the state will continue to increase the tax collection by expanding the base of financiers and improving the collection mechanism.
The agreement is related to preventing the erosion of the tax base and the transfer of profits, approved in Paris on November 24, 2016, and signed by Egypt on June 7, 2017.
Cases exempted from the tax on real estate transactions according to the law, are "providing the property as an in-kind share in exchange for a share in the capital of a joint-stock company, provided that the corresponding shares are not disposed of for a period of five years."
The size of digital economy ranges between 4.5% and 15.5% of the world's economy, according to UNCTAD.
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