{"id":559406,"date":"2021-01-20T03:39:21","date_gmt":"2021-01-20T03:39:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/20\/finmin-issues-unified-tax-act-bylaws\/"},"modified":"2021-01-20T03:39:21","modified_gmt":"2021-01-20T03:39:21","slug":"finmin-issues-unified-tax-act-bylaws","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/20\/finmin-issues-unified-tax-act-bylaws\/","title":{"rendered":"FinMin issues Unified Tax Act bylaws"},"content":{"rendered":"

The <\/strong>Unified Tax Act<\/a><\/strong>\u2019s executive regulations are up for public consultation<\/strong> after the Finance Ministry finalized the draft regulations, according to a ministry statement<\/a>. Among those giving their input and feedback on the regs (pdf)<\/a> until 4 February: The Federation of Egyptian Chambers of Commerce, the Egyptian Tourism Federation, the Egyptian Federation of Investors Associations, and the Federation of Egyptian Industries.<\/p>\n

Refresher on the law:<\/strong> The Unified Tax Act, which was passed last year, saw the creation of Egypt\u2019s unified tax platform, which went live earlier this month<\/a> as a key part of the government\u2019s plan to overhaul tax administration, encourage informal businesses to go legit, stimulate investment, and grant authorities better oversight on commercial transactions and tax accounts. Its trial launch follows the rollout of the first phase of a new e-invoicing system<\/a> (which will eventually be linked to the core system) and recent amendments<\/a> which obliged companies<\/a> to file their taxes electronically as of this year. The act also imposes tighter deadlines<\/a> on companies filing VAT returns and imposes penalties on late filers.<\/p>\n

Draft sukuk bill gets committee approval<\/p>\n

The <\/strong>draft sovereign sukuk law<\/a><\/strong> earned a preliminary nod yesterday from the House<\/strong> Economic Committee<\/strong>, the committee's deputy head Ahmed Farghal tells Al Mal<\/a>. The legislation would put into place a framework governing how sukuk are created and traded, and define the rights and responsibilities of investors. Check out <\/strong>our explainer<\/a><\/strong> for the lowdown on how sukuk work.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Unified Tax Act\u2019s executive regulations are up for public consultation after the Finance Ministry finalized the draft regulations, according to a ministry statement. Among those giving their input and feedback on the regs (pdf) until 4 February: The Federation of Egyptian Chambers of Commerce, the Egyptian Tourism Federation, the Egyptian Federation of Investors Associations, […]<\/p>\n","protected":false},"author":1,"featured_media":559407,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[72,276,274,187,277,3285,280,69,3665],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-enterpriseam","tag-finance-ministry","tag-house-of-representatives","tag-legislation-watch","tag-mohamed-maait","tag-sovereign-sukuk-act","tag-sukuk","tag-tax","tag-unified-tax-act","wpautop","entry"],"acf":{"mongo_id":"9d64b39c-0c40-4a77-9805-e7d57c1f9f64","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/248.jpg","photo_position":"above","related_issue":[559391],"teaser":"","voice_url":""},"yoast_head":"\nFinMin issues Unified Tax Act bylaws - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/20\/finmin-issues-unified-tax-act-bylaws\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin issues Unified Tax Act bylaws\" \/>\n<meta property=\"og:description\" content=\"The Unified Tax Act\u2019s executive regulations are up for public consultation after the Finance Ministry finalized the draft regulations, according to a ministry statement. Among those giving their input and feedback on the regs (pdf) until 4 February: The Federation of Egyptian Chambers of Commerce, the Egyptian Tourism Federation, the Egyptian Federation of Investors Associations, […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/20\/finmin-issues-unified-tax-act-bylaws\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-20T03:39:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/248.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/20\/finmin-issues-unified-tax-act-bylaws\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/20\/finmin-issues-unified-tax-act-bylaws\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FinMin issues Unified Tax Act bylaws\",\"datePublished\":\"2021-01-20T03:39:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/20\/finmin-issues-unified-tax-act-bylaws\/\"},\"wordCount\":248,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/20\/finmin-issues-unified-tax-act-bylaws\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/248.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Finance Ministry\",\"House of Representatives\",\"Legislation Watch\",\"Mohamed Maait\",\"Sovereign Sukuk Act\",\"sukuk\",\"tax\",\"Unified Tax Act\"],\"articleSection\":[\"LEGISLATION WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/20\/finmin-issues-unified-tax-act-bylaws\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/20\/finmin-issues-unified-tax-act-bylaws\/\",\"name\":\"FinMin issues Unified Tax Act bylaws - 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The draft regulations, in their current form, only\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566238,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/06\/unified-tax-act-executive-regs-spell-out-how-new-tax-platform-will-work\/","url_meta":{"origin":559406,"position":1},"title":"Unified Tax Act executive regs spell out how new tax platform will work","author":"enterpriseam admin","date":"6 June 2021","format":false,"excerpt":"The final version of the Unified Tax Act\u2019s executive regulations were published this morning in the Official Gazette, minister Mohamed Maait said in a statement this morning. The regulations detail how Egypt\u2019s newly-launched single tax portal will work and outline instructions for taxpayers on accessing and using the platform to\u2026","rel":"","context":"In "SPEED ROUND: TAXATION"","block_context":{"text":"SPEED ROUND: TAXATION","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-taxation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/429.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622430,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/01\/house-tourism-ministry-are-drafting-a-unified-tourism-act\/","url_meta":{"origin":559406,"position":2},"title":"House, Tourism Ministry are drafting a Unified Tourism Act","author":"enterpriseam admin","date":"1 October 2018","format":false,"excerpt":"LEGISLATION WATCH- House, Tourism Ministry are drafting a Unified Tourism Act: The House of Representatives\u2019 Tourism and Civil Aviation Committee is working with the Tourism Ministry to draft a Unified Tourism Act, committee head Sahar Talaat Moustafa said. The draft bill would bring together all legislation pertaining to the tourism\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577931,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/11\/lawmakers-to-redraft-labor-bill-following-criticism-from-business\/","url_meta":{"origin":559406,"position":3},"title":"Lawmakers to redraft labor bill following criticism from business","author":"enterpriseam admin","date":"11 December 2022","format":false,"excerpt":"Business doesn\u2019t like the look of the new Labor Act: Lawmakers will redraft the new labor bill following criticism from the business community, Parliamentary Affairs Minister Alaa El Din Fouad said last week. Nine business associations, as well as the trade union representatives, have voiced criticisms on key provisions in\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/186.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":601254,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/24\/el-sisi-ratifies-new-tax-treatment-for-egyptian-banks\/","url_meta":{"origin":559406,"position":4},"title":"El Sisi ratifies new tax treatment for Egyptian banks","author":"enterpriseam admin","date":"24 February 2019","format":false,"excerpt":"LEGISLATION WATCH- El Sisi ratifies new tax treatment for banks: President Abdel Fattah El Sisi has signed off on proposed amendments to the Income Tax Act that change how banks and corporations account for income from investments in government debt, according to a Finance Ministry statement (pdf). The ministry will\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593526,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/01\/fei-suggests-amendments-to-income-tax-act\/","url_meta":{"origin":559406,"position":5},"title":"FEI suggests amendments to Income Tax Act","author":"enterpriseam admin","date":"1 October 2019","format":false,"excerpt":"LEGISLATION WATCH- FEI suggests changes to Income Tax Act: The Federation of Egyptian Industries (FEI) is lobbying the Finance Ministry for changes to the Income Tax Act, the local press reported. Among the amendments is a proposal to give a tax cut to low income earners by tripling the tax\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=559406"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559406\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559391"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559407"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559406"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559406"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}