{"id":570625,"date":"2020-04-08T04:44:56","date_gmt":"2020-04-08T04:44:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/finmin-working-on-specifics-of-corporate-income-tax-relief-program\/"},"modified":"2020-04-08T04:44:56","modified_gmt":"2020-04-08T04:44:56","slug":"finmin-working-on-specifics-of-corporate-income-tax-relief-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/finmin-working-on-specifics-of-corporate-income-tax-relief-program\/","title":{"rendered":"FinMin working on specifics of corporate income tax relief program"},"content":{"rendered":"

<\/a> EXCLUSIVE- FinMin working on specifics of corporate income tax relief program<\/strong>:<\/strong> Businesses looking to pay their income taxes in installments under a tax relief program ordered by President Abdel Fattah El Sisi earlier this week will most likely be required to make three equal payments by set dates, with the final installment due by the extended deadline of 30 June, two senior government officials tell us. According to the sources, the first payment will be due on 30 April, the second on 30 May, and the third and final installment must be made on or before 30 June.<\/p>\n

There will be no interest, fines, or late fees <\/strong>for anyone choosing to pay their taxes in installments by the extended deadline, as we reported yesterday<\/a>. The move is a form of stimulus that will provide support to cashflows of businesses affected by the economic impact of covid-19, which so far includes a 7pm-6am curfew and the full shutdown of retail businesses on weekends.<\/p>\n

You\u2019re going to have to remit VAT, wage taxes and withholding taxes <\/strong>on time \u2014 there is no plan to extend deadlines for payments here, the sources said. <\/p>\n

Details are still in the works:<\/strong> The Finance Ministry is currently drawing up regulations outlining the fine print of the directives to give businesses a helping hand amid the covid-19 fallout, the sources tell us. The regulations will determine criteria that would make businesses ineligible for the deadline extension and installment system, but it is expected that all businesses will be eligible since the slowdown has touched most industries, one source says.<\/p>\n

Finance Minister Mohamed Maait has already finished drafting a bill that will allow <\/strong>Cabinet to implement El Sisi\u2019s directives<\/strong> and economic support measures, according to a cabinet statement<\/a>.<\/p>\n

The state isn\u2019t going to collect less in corporate income tax, it\u2019s just going to have <\/strong>lumpier cashflow through June<\/strong>, the sources noted. The open question is how much the state\u2019s take from the VAT will be depressed. Companies today are paying VAT for their sales in January and February \u2014 the authority will only be able to gauge the effect of the crisis once they begin collecting VAT on March and April sales starting next month.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- FinMin working on specifics of corporate income tax relief program: Businesses looking to pay their income taxes in installments under a tax relief program ordered by President Abdel Fattah El Sisi earlier this week will most likely be required to make three equal payments by set dates, with the final installment due by the […]<\/p>\n","protected":false},"author":1,"featured_media":570626,"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":[8572],"tags":[107,72,7313,180,100,2380,69,7110],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-covid-19","tag-enterpriseam","tag-income-tax","tag-legislation","tag-policy","tag-speed-round","tag-tax","tag-vat","wpautop","entry"],"acf":{"mongo_id":"c93c0373-3884-411a-bdaa-e3af4ecd5ee3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/74.jpg","photo_position":"above","related_issue":[570620],"teaser":"","voice_url":""},"yoast_head":"\nFinMin working on specifics of corporate income tax relief program - 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Under the\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":570762,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/14\/egypts-cabinet-to-determine-which-industries-are-eligible-for-income-tax-relief-program\/","url_meta":{"origin":570625,"position":1},"title":"Egypt\u2019s Cabinet to determine which industries are eligible for income tax relief program","author":"enterpriseam admin","date":"14 April 2020","format":false,"excerpt":"EXCLUSIVE- Businesses will find out before month\u2019s end whether they are eligible for corporate income tax relief: The Madbouly Cabinet will issue a decision as early as next week on which industries are and are not eligible for the income tax relief program ordered by President Abdel Fattah El Sisi,\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\/2020\/4\/124.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570593,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/07\/businesses-are-getting-a-breather-with-two-month-extension-on-the-deadline-to-pay-income-taxes\/","url_meta":{"origin":570625,"position":2},"title":"Businesses are getting a breather with two-month extension on the deadline to pay income taxes","author":"enterpriseam admin","date":"7 April 2020","format":false,"excerpt":"Businesses are getting a breather with a two-month extension on the deadline to pay income taxes under a decree issued by President Abdel Fattah El Sisi yesterday that extends the final deadline for payment to 30 June. The decree will allow businesses to pay in three installments, Ittihadiya said in\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\/2020\/4\/58.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570810,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/15\/finmin-halves-downpayment-to-unlock-assets-file-tax-settlements\/","url_meta":{"origin":570625,"position":3},"title":"FinMin halves downpayment to unlock assets, file tax settlements","author":"enterpriseam admin","date":"15 April 2020","format":false,"excerpt":"FinMin halves down payment requirement to unlock assets, file tax settlements: Businesses will only have to pay a 5% downpayment to unlock assets frozen by the Tax Authority for failure to pay taxes and will be able to repay the remainder in installments, authority head Reda Abdel Kader said yesterday.\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":625890,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/26\/finmin-seeks-access-to-companies-bank-data-under-proposed-amendments-to-the-income-tax-act\/","url_meta":{"origin":570625,"position":4},"title":"FinMin seeks access to companies\u2019 bank data under proposed amendments to the Income Tax Act","author":"enterpriseam admin","date":"26 August 2018","format":false,"excerpt":"EXCLUSIVE- FinMin seeks access to corporate bank data under proposed amendments to the Income Tax Act: Forthcoming amendments to the Income Tax Act would allow the Finance Ministry to check up on company accounts to make sure they\u2019re paying their income taxes, Tax Authority boss Emad Samy told Enterprise. The\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":627388,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/31\/finmin-looks-into-drafting-a-new-income-tax-act\/","url_meta":{"origin":570625,"position":5},"title":"FinMin looks into drafting a new Income Tax Act","author":"enterpriseam admin","date":"31 July 2018","format":false,"excerpt":"EXCLUSIVE- FinMin looks into drafting a new Income Tax Act: The Finance Ministry has formed a committee to look into drafting a new Income Tax Act, Tax Authority deputy head Mohamed Abdel Sattar told Enterprise. 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