Arab Finance: Ahmed Kouchouk, Minister of Finance, confirmed during the press conference held yesterday, in the presence of Dr. Mostafa Madbouly, Prime Minister, at the government headquarters in the New Administrative Capital, that we are moving with full force to improve the tax reality and stimulate investment and economic growth. We are serious about building a more just relationship. Certainty and transparency with the tax community pave the way for a strong and ongoing partnership. We have listened with great interest to the visions of representatives of the tax, industrial and commercial communities, accountants, professionals and economic thinkers, and we will overcome the challenges with continuous development.
The minister said, during the press conference: “Today… we announce the details of the first package of tax facilities, and we pledge to implement it in full during the current fiscal year,” explaining that, for the first time, an integrated, simplified and stimulating tax system will be developed for small and medium financiers of up to 15 million pounds annually, as we We are interested in encouraging small projects, startups, entrepreneurship activities, “Free Lancers,” and professionals, and there are incentives, exemptions, andNew facilities include all tax bases “Income, value added, stamp, and state resources development fee,” including exemption from “capital gains,” “dividends,” and “stamp” taxes, and monthly and documentation fees for those joining this simplified system, and exemption from applying the discount or advance payment system, and four Declarations only for value added during the year, and the first tax examination will be after 5 years. Salaries and wages tax declarations are also submitted on the annual settlement declaration, and the Tax Authority will not demand any tax dues for previous periods from anyone who initiates registration.
Kajok stressed that the data available in electronic systems will be utilized to simplify procedures and tax returns, and “this is the best return for financiers from the automated systems applied,” and canceling unsupported documentary returns…in a phased manner…for legal persons in 2025 and for individuals in 2026, and expanding the sample examination system to include All centers, regions, and tax offices to reduce the burdens on taxpayers, and to confirm confidence in dealing with our “financier” partner. We aim to strengthen confidence between the Tax Authority and taxpayers and consider the return a “self-binding,” explaining that a percentage of taxpayers will be subject to a tax examination on an annual basis, and the sample will be according to the system. Modern risks and proportional to the size and capacity of the technical forces to prevent delays in the examination, and to ensure that the required documents are submitted once, without the need to repeat them in all tax authorities. The rules and mechanisms of tax examination will be unified and published according to the activity in all centers, regions and municipalities, with a commitment to prior publication of the documents required for tax examination. …and give financiers sufficient time to prepare it.
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