{"id":573520,"date":"2020-08-09T04:16:44","date_gmt":"2020-08-09T04:16:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/09\/finmin-collects-egp-30-bn-in-back-taxes-after-settling-30k-tax-disputes\/"},"modified":"2020-08-09T04:16:44","modified_gmt":"2020-08-09T04:16:44","slug":"finmin-collects-egp-30-bn-in-back-taxes-after-settling-30k-tax-disputes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/09\/finmin-collects-egp-30-bn-in-back-taxes-after-settling-30k-tax-disputes\/","title":{"rendered":"FinMin collects EGP 30 bn in back taxes after settling 30k tax disputes"},"content":{"rendered":"

<\/a> FinMin collects EGP 30 bn in back taxes after settling 30k tax disputes:<\/strong> The Finance Ministry settled more than 30k tax disputes between March and June, netting the government more than EGP 30 bn in back taxes, Finance Minister Mohamed Maait said in a statement<\/a> on Friday. The passage of a temporary tax dispute bill in March allowed the ministry to offer incentives to taxpayers to file for a settlement until the end of June. The ministry settled almost EGP 18k income tax disputes in the four-month period, collecting EGP 14.3 bn in the process. It also collected EGP 15 bn in unpaid VAT while real estate disputes were settled for EGP 989 mn.<\/p>\n

A bill to extend the Tax Dispute <\/strong>Resolution Act once again until 31 December is now with President Abdel Fattah El Sisi for final approval<\/strong>, head of the Tax Authority\u2019s central administration Saeed Fouad said yesterday (watch, runtime: 5:11<\/a>). The House of Representatives had signed off last month<\/a> on the bill, which would also waive interest and late fees on taxes for late taxpayers.<\/p>\n

Background:<\/strong> The temporary tax dispute resolution bill signed into law earlier this year<\/a> extended the Tax Dispute Resolution Act, allowing newly-established dispute settlement committees to handle tax disputes and unfreeze assets until 30 June. The law initially permitted businesses to make a 10% down payment to unfreeze their assets, file for settlement and enroll in a repayment plan. The Finance Ministry later reduced<\/a> the down payment for businesses to 5% of dues owed to the government and 1% for individual taxpayers<\/a> who had yet to submit an appeal.<\/p>\n","protected":false},"excerpt":{"rendered":"

FinMin collects EGP 30 bn in back taxes after settling 30k tax disputes: The Finance Ministry settled more than 30k tax disputes between March and June, netting the government more than EGP 30 bn in back taxes, Finance Minister Mohamed Maait said in a statement on Friday. The passage of a temporary tax dispute bill […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,276,277,2380,69,10363,5645,5646],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573520","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-finance-ministry","tag-mohamed-maait","tag-speed-round","tag-tax","tag-tax-dispute","tag-tax-settlements","tag-temporary-tax-dispute-bill","wpautop","entry"],"acf":{"mongo_id":"2f6275b0-a3b4-4f1f-bb60-208b2a3b773c","is_powered_by":true,"section_story_id":"3c3ad5b2-df09-4b29-a8b0-493e1b964837","story_type":"1","photo_url":"","photo_position":"above","related_issue":[573503],"teaser":"","voice_url":""},"yoast_head":"\nFinMin collects EGP 30 bn in back taxes after settling 30k tax disputes - 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\/2020\/08\/09\/finmin-collects-egp-30-bn-in-back-taxes-after-settling-30k-tax-disputes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin collects EGP 30 bn in back taxes after settling 30k tax disputes\" \/>\n<meta property=\"og:description\" content=\"FinMin collects EGP 30 bn in back taxes after settling 30k tax disputes: The Finance Ministry settled more than 30k tax disputes between March and June, netting the government more than EGP 30 bn in back taxes, Finance Minister Mohamed Maait said in a statement on Friday. 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