Minister of Finance Mohamed Moeit on Sunday stressed that the political leadership aims to develop the revenue-generating authorities before June 2020.
Moeit’s statements came during a press conference for the development of the Tax Authority, where he pointed out that the government is working to develop and restructure of the authority as it contributes more than 75% of the country’s total revenues.
He explained that the development has various aspects, most notably the legislative system, which recently witnessed a draft law on new tax procedures, electronic tax filing, as well as the issuance of the exemption from fines after payment of the principal of the debt, which enabled the ministry to resolve many tax disputes.
“We are working on finalising the unified organisational structure of the Tax Authority, in preparation for its adoption soon to develop the completion of many tasks entrusted to the authority, in addition to developing the infrastructure and improving the working environment of the employees,” he said.
On the other hand, head of Tax Authority, Abdel Azim Hussein, said that the government has begun drafting changes to the Income Tax Act in line with international standards.
The changes aim to support the government’s goal to increase tax revenues by 0.5% a year to reach the fiscal year 2019/20 draft budget’s target of a tax base equivalent to 18-20% of the GDP.