Interior Min. adjusts 5,458 evasion cases worth LE 6B

CAIRO - 4 April 2019: The Interior Ministry adjusted 5,458 cases in taxes and fees field worth LE 6 billion which were hidden from the Public Tax Authority within a month.

This comes within the framework of the security services' efforts to combat all forms of tax evasion crimes.

The General Administration of Investigation of Tax and Duties conducted several security campaigns during March

The 5,458 cases included 1,024 cases in a variety of commercial.

“A total of 2,584 cases were adjusted in the field of customs, protection of state property and real estate taxes; 1,884 judicial rulings were implemented and 929 cases were reconciled with total receipts amounting to LE 9,492,075,"the Interior Ministry added.

In November, the Cabinet approved a bill amending certain provisions of the Income Tax Act, allowing the separation of proceeds from the public treasury bills and bonds into a separate pot from the rest of the income.

On a different note, a senior government official told Enterprise that the government is working with the Central Bank of Egypt (CBE) to encourage greater activity on the Egyptian Exchange’s (EGX) secondary bond market and allow bonds to be traded in the EGX.

He clarified that this move will raise the treasury flows from taxes by LE 15-20 billion.

Minister of Finance Mohamed Ma'it revealed earlier that the reason behind the financial treatments of T-bills’ taxes is that it is one of the rights of the treasury.