tax
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.
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.
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