{"id":595783,"date":"2019-08-06T04:00:48","date_gmt":"2019-08-06T04:00:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/egypts-finmin-closes-legal-loophole-in-calculating-late-income-tax-penalties\/"},"modified":"2019-08-06T04:00:48","modified_gmt":"2019-08-06T04:00:48","slug":"egypts-finmin-closes-legal-loophole-in-calculating-late-income-tax-penalties","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/egypts-finmin-closes-legal-loophole-in-calculating-late-income-tax-penalties\/","title":{"rendered":"Egypt\u2019s FinMin closes legal loophole in calculating late income tax penalties"},"content":{"rendered":"

LEGISLATION WATCH- FinMin closes legal loophole in calculating late income tax penalties: <\/b>The Finance Ministry has added a clause to the Income Tax Act\u2019s executive regulations to clearly specify a time period against which late tax payment fees are calculated, according to a document (pdf)<\/a> seen by Enterprise. The clause also ensures the accumulation of penalty fees does not get put on hold when the fees are subject to taxpayer appeals. The time period for the late fees \u2014 which are calculated by applying the central bank\u2019s discount rate plus a 2% premium \u2014 was not previously specified in the regulations. The amendment closes a loophole that has allowed some 130k taxpayers to file appeals, a source from the Tax Authority told us.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- FinMin closes legal loophole in calculating late income tax penalties: The Finance Ministry has added a clause to the Income Tax Act\u2019s executive regulations to clearly specify a time period against which late tax payment fees are calculated, according to a document (pdf) seen by Enterprise. The clause also ensures the accumulation of […]<\/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":[957,72,7087,180,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595783","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-dispute-watch","tag-enterpriseam","tag-finance","tag-legislation","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"bf42b410-8fb8-4c60-8eba-bf9effc84ee9","is_powered_by":true,"section_story_id":"195c3e11-29db-44a3-9d57-eaeaecadc010","story_type":"1","photo_url":"","photo_position":"above","related_issue":[595767],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s FinMin closes legal loophole in calculating late income tax penalties - 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\/2019\/08\/06\/egypts-finmin-closes-legal-loophole-in-calculating-late-income-tax-penalties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s FinMin closes legal loophole in calculating late income tax penalties\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- FinMin closes legal loophole in calculating late income tax penalties: The Finance Ministry has added a clause to the Income Tax Act\u2019s executive regulations to clearly specify a time period against which late tax payment fees are calculated, according to a document (pdf) seen by Enterprise. The clause also ensures the accumulation of […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/egypts-finmin-closes-legal-loophole-in-calculating-late-income-tax-penalties\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-06T04:00:48+00:00\" \/>\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\/2019\/08\/06\/egypts-finmin-closes-legal-loophole-in-calculating-late-income-tax-penalties\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/egypts-finmin-closes-legal-loophole-in-calculating-late-income-tax-penalties\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s FinMin closes legal loophole in calculating late income tax penalties\",\"datePublished\":\"2019-08-06T04:00:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/egypts-finmin-closes-legal-loophole-in-calculating-late-income-tax-penalties\/\"},\"wordCount\":134,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"dispute watch\",\"EnterpriseAM\",\"Finance\",\"legislation\",\"SPEED ROUND\",\"tax\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/egypts-finmin-closes-legal-loophole-in-calculating-late-income-tax-penalties\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/egypts-finmin-closes-legal-loophole-in-calculating-late-income-tax-penalties\/\",\"name\":\"Egypt\u2019s FinMin closes legal loophole in calculating late income tax penalties - 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