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Finance Ministry continues receiving comments on unified tax procedures regulations - Daily News Egypt

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Finance Ministry continues receiving comments on unified tax procedures regulations

Inquiries can be sent on websites of both ministry and Egyptian Tax Authority


Egypt’s Minister of Finance Mohamed Maait has announced that his ministry will continue to receive comments from the business community on the draft executive regulations for the unified tax procedures law until Wednesday.

Those looking to provide feedback are able to do so through the websites of both the ministry and the Egyptian Tax Authority (ETA).

Maait stressed that the Ministry of Finance is keen to take into account the observations and proposals of the business community on the draft regulations, in order to meet their requirements.

This will contribute to opening broad horizons for investment, provide job opportunities, maximise production capabilities, expand the export base, and enhance the competitiveness of Egyptian products abroad.

A Ministry of Finance statement said that there are more than five articles in the draft executive regulations for the Unified Tax Procedures Law that define the rights of taxpayers with the ETA.

These include new benefits, most notably: allowing the taxpayer to view the tax file and the identity of the judicial officer; attend a field examination; and submit notifications of adding branches, warehouses or other activities for any industrial, commercial, professional or other activity.

The latter point relates to those activities that generate revenues subject to tax. It is dependent on obtaining a prior decision from the tax administration in the event of any transaction that has no prior tax rules and was not defined by law.

Maait added that the return on the payments made under the tax account is calculated at the credit and discount rate announced by the Central Bank of Egypt (CBE). In the event that a request for refunding the tax paid by mistake or the credit balance is submitted, and this request is not responded to within 45 days, a return is calculated on these amounts owed to the financiers at the credit and discount rate advertised by the CBE, plus 2%.

The statement also indicated that this law contributes to fully laying the foundations for a modernised mechanisation of the unified tax procedures. This will ensure that electronic means are approved for tax proof, communication with taxpayers and taxpayers, and in the established books and records.

It will also cover procedures for assessing and collecting the tax, ways to appeal against tax assessment forms, and the application of the electronic signature system.

The ministry statement added that a unified tax registration number will be assigned to each taxpayer that includes all types of taxes that the taxpayer is subject to. Both the tax authority and the taxpayers are obliged to use this number in all dealings, and will be printed on all notifications, records, documents, invoices, and any other correspondence, in a way that contributes to simplifying procedures and strengthening governance.

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https://dailyfeed.dailynewsegypt.com/2021/02/08/finance-ministry-continues-receiving-comments-on-unified-tax-procedures-regulations/
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