Egypt settles taxes owed by oil companies worth LE 16B

CAIRO – 14 January 2021: Egypt settled taxes owed by some oil sector companies, worth LE 16 billion, according to Minister of Finance Mohamed Maait.

Maait added that the 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.

He attributed the increase in tax revenues as a result of the growth in tax revenues from non-sovereign entities by about 12.4 percent, compared to the same period of the previous fiscal year; This is as a result of efforts to broaden the tax base, achieve tax justice, and raise the efficiency of tax collection through the expansion of mechanization and electronic collection work, and the incentives granted to make settlements between the tax authority and financiers,

He referred to the Tax Dispute Termination Law, which gives the taxpayer an exemption of up to 70 percent from the fines and benefits of delay upon payment of the entire principal tax due until mid-December 2020.

Egypt's revenues rose to LE 453 billion during the period from July to the end of last December, compared to about LE 391 billion during the same period of the previous fiscal year.