(3 minutes read)
· Egyptian Minister of Finance Mohamed Ma’it, exhorted taxpayers, financiers and others to benefit from the tax exemptions and waivers in the law
· The scheme approved by President Abdel Fatah Al-Sisi enables taxpayers to pay the principal tax or fees o to the state without undergoing harrowing experience of paying penalties for delayed payments
· Close to 70 percent will be waived if the payment is made within the next 60 days and 50 percent if the payment is made after the next 60 days.
Egyptian Minister of Finance Mohamed Ma’it, exhorted taxpayers, financiers and others to benefit from the tax exemptions and waivers in the law. Recently, the finance ministry waived off the consideration for delay, additional tax, interest and similar non-criminal financial penalties. The scheme approved by President Abdel Fatah Al-Sisi enables taxpayers to pay the principal tax or fees o to the state without undergoing harrowing experience of paying penalties for delayed payments.
The minister explained that in the provisions of the new law, the penalty for delayed payment will be waived by 90 percent. The original tax or fees due are fully paid within a maximum period of 60 days from the date of work with the new law. Close to 70 percent will be waived if the payment is made within the next 60 days and 50 percent if the payment is made after the next 60 days. This is to help the individuals, businessmen and industry to pay up the taxes without undergoing any financial difficulties. That also will help speed up the collection of the state’s right of late debts and maximizing its ability to perform public services during the Coronavirus pandemic.
The new scheme also has provisions for amicably resolving tax disputes. Specialized committees will look into the tax grievances and disputes before the courts. The law is consistent with the presidential directives to support the economic sectors affected by the coronavirus pandemic
