tax
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.
In a ceremony to honor Salah Mohamdy, head of the Public Taxes Mission Corporations, the minister thanked the tax officers who expose corruption and reject bribes .
Total tax revenues increased by about 10 percent during the period from July to December 2020, to reach about LE 334 billion, compared to LE 304 billion during the same period of the previous fiscal year.
Chairman of the Real Estate Tax Authority Anwar Fawzy stated that the declarations also include floors and units added to existing buildings.
The onset of COVID-19 has brought about fears of bankruptcy for companies globally.
He said this will contribute to promoting justice with regard to taxes as tax slices would alleviated burdens on people.
This law guarantees quick collection of state dues and maximizes government ability to offer services during that pandemic, Mait said in a statement.
Also, the parliament endorsed a bill amending some provisions of income tax law no. 91/2005.
This raised mobile lines' annual subscription from six to 8 pounds to be deducted from mobile phone charge cards by 68 piasters monthly.
In a statement on Wednesday, the ministry dismissed as groundless statements attributed to Finance Minister Mohamed Maait in this regard.
The move comes as part of the tax authority's measures to ease the collection process for all the taxpayers amid the coronavirus crisis.
The ministry said the revenues from the income tax increased by LE 13.3 billion to register LE 120.2 billion.
That is two weeks after he was sentenced to five years in prison by Tax Evasion Misdemeanor Court.
Ministry of Finance is about to finalize a new draft law on income tax.
The crimes varied from bribery and administrative corruption to illegal currency trade, money laundering and tariff evasion.
Most Read
