The Head of the Egyptian Tax Authority (ETA), Abdel Azim Hussein, said that the draft law on the new tax procedures will be put for community dialogue soon for discussion.
The new draft law will unify procedures of income, value-added, stamp duty, and resource development taxes, easing the process for taxpayers, as part of tax incentives.
He confirmed during his meeting with the Tax Committee of the American Chamber of Commerce in Cairo, headed by Hassan Hegazy, that the authority is close to complete the simplification of tax procedures and the automation of declarations.
Hussein pointed out that the tax revenues contribute about 72% – 75% of the state budget’s revenues, revealing that President Abdel Fattah Al-Sisi is following the development of tax system regularly. While the Minister of Finance assesses the modernisation and development of tax system and remove all obstacles facing the operation.
He expressed the ETA’s readiness to send delegates to help companies with problems in filing tax declarations online, and called on everyone to submit their tax declarations starting from now.
Additionally, Hussein said that in a few days a periodic book will be issued by the authority to guide companies how to calculate the 2.5% share of revenues, which is the value of the Takaful contribution stipulated in the Health Insurance Law.
Hussein also announced the launch of several educational videos explaining to companies how to submit online income taxes declarations.
During the meeting, it was agreed to hold another meeting next week at the AmCham in the presence of representatives of companies and tax experts from the ETA to show how to submit tax declarations online.