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Today, Tuesday, Dr. Mohamed Moait, Minister of Finance, said that the law of “avoiding for delay, additional tax and similar non-criminal financial penalties” approved by the House of Representatives includes new incentives for funders, taxpayers and others; In a way that contributes to their support and alleviating their burdens, and limiting the negative effects of the emerging corona virus, in a manner that helps in quickly obtaining the state’s right from the late debts and maximizing its ability to perform public services during the “pandemic”.
The minister added in a press statement, Tuesday, that this law is one of the government’s tools to address the economic and social repercussions of the Corona crisis, whereby financiers, taxpayers and others are encouraged to quickly pay the tax arrears due to them that include: income tax, value added, stamp tax, and real estate tax, Development fees, customs tax, social insurance contributions and all state dues.
He pointed out that the delay or additional tax due on these tax arrears will be waived by 90% if the original tax or due fees were paid in full within a period not exceeding the first sixty days from the date of implementation of the new law, and 70% if payment was made within the next sixty days, And 50% if paid in the next 60 days.
He added that the law decides a complete 100% overrun in exchange for delay or additional tax that the taxpayer or taxpayer has not paid, provided that the original tax or fees due have been paid in full before the date of the new law’s entry into force.
He stressed that this law also provides for extending the law to end tax disputes in the administrative phase until the end of next December, in a manner that helps in speeding the stability of the legal centers for financiers, explaining that the specialized committees discuss during this period grievances and tax disputes before the courts, or tax appeals committees The Egyptian Tax Authority, in a way that gives the private sector a greater role in economic development.
He said that this law gives financiers a new opportunity to agree with the committees to end disputes, which will start, immediately upon the issuance of the law, as well as the mandates to receive requests from financiers according to the geographical scope set until the end of next December.
He added that this law is in line with the presidential directives to support the economic sectors affected by the Corona pandemic in a manner that helps the continuation of production wheel amid tight precautionary measures, retaining employment, and presidential assignments also to strive to accelerate the pace of work in the file of ending tax disputes without resorting to the courts; In a manner that preserves the right of the state and contributes to laying the foundations of bridges of trust with the funders; As development partners in a way that contributes to stimulating the investment climate.
- The situation in Egypt