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Tax facilities, investment incentives announcement within hours: The Madbouly government will announce a fresh package of tax facilities and investment incentives later today, according to a statement.
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What about implementation? Finance Minister Ahmed Kouchouk — at a presser attended by EnterpriseAM — said that he expects to see the facilities implemented before the end of the year.
The final touches: Prime Minister Moustafa Madbouly met with Kouchouk and Investment Minister Hassan El Khatib yesterday to discuss the final formation of the incentive package ahead of its announcement.
Remember: Madbouly and Kouchouk announced a new tax facility package last month. The package included a batch of amendments to the tax system, which aim to ease the burden on taxpayers and build greater trust in the tax system, from filing tax returns to resolving disputes and integrating the informal economy.
Resolving tax disputes: The Finance Ministry will, within days, launch the mechanisms for resolving tax disputes — the mechanisms are currently being tested, Kouchouk said.
No legislative amendments: The minister confirmed that there will be no legislative amendments to the laws regulating taxes, especially with the government gearing up to release the long-awaited tax policy document.
The first of many? Kouchouk said that the government will introduce new incentives supporting the private sector following the implementation of the current package.
ALSO- An updated export subsidy program? The ministries of industry, investment, and finance are working to develop and improve the export subsidy program so the payouts happen more swiftly. Revamping the program is one of President Abdel Fattah El Sisi’s goals for his third term in office.
DATA POINT- Tax revenues rose some 45% during the first three months of the current fiscal year, Deputy Finance Minister for Taxes Sherif Al Kilani said, according to Asharq Business.
TAX FACILITIES FOR SMES TO GO LIVE NEXT MONTH-
Gov’t to start implementing tax facilities for SMEs next month, Advisor to the head of the Tax Authority Saeed Fouad told Asharq Business.
What we know about the facilities: The package of tax facilities aims to help small businesses grow and ease the administrative burden of monitoring them, Al Kilani told us last month.
