Gov’t plans to amend tax laws to relax penalties for late tax payments

The government is planning to amend the tax code to relax penalties imposed on tardy tax payments, Al Mal reports, citing reports on the government’s preliminary budget for FY2018-19. The move is meant to reduce the number of tax disputes, which delay the process of tax collection. Finance Minister Amr El Garhy said earlier this week that the government sees revenues from tax collections rising 23.4% y-o-y in FY2018-19 to the equivalent of 14.7% of GDP. The ministry’s pre-budget report suggests that tax receipts are projected to contribute EGP 770.3 bn to total state revenues of EGP 989.2 bn during the upcoming fiscal year.