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Expected regulations to resolve tax disputes - Daily News Egypt

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Expected regulations to resolve tax disputes

Government’s FY 2016/2017 budget draft estimates tax revenue of EGP 35bn from VAT and EGP 2.4 from property tax

New tax legislations and legal regulations are expected to be passed to help resolve disputes between the Egyptian state and taxpayers, tax advisor to the minister of finance Taxes Amr Al-Moneir announced Sunday.

Al-Moneir added that the new legislation would seek to resolve disputes that are scheduled for review by the judiciary or tax committees.

The number of internal committees that oversee disputes has increased to 23,000. The number of reconciliation committees has increased to 17,000 and the number of higher committees has increased to five.

The legislation is expected to help collect 56% of the EGP 80bn due in income tax, according to the head of the Egyptian Tax Authority, Abdel Moneim Mattar.  There remains EGP 10.4bn in uncollected sales taxes.

El-Moneir previously said that the new fiscal year’s tax revenue is expected to remain at EGP 422bn.

The expected stagnant revenue is despite the government planed implementation of the value-added tax (VAT) in FY 2016\2017, which is estimated to collect EGP 35bn.

El-Moneir told Daily News Egypt that the Egyptian state expects to collect EGP 2.4bn in property taxes.

The FY 2016/2017 budget is still under study and must be approved by parliament before becoming effective.

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