{"id":597533,"date":"2019-07-30T04:14:31","date_gmt":"2019-07-30T04:14:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/egypt-working-on-new-income-tax-vat-laws-maait\/"},"modified":"2019-07-30T04:14:31","modified_gmt":"2019-07-30T04:14:31","slug":"egypt-working-on-new-income-tax-vat-laws-maait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/egypt-working-on-new-income-tax-vat-laws-maait\/","title":{"rendered":"Egypt working on new income tax, VAT laws -Maait"},"content":{"rendered":"

<\/a> LEGISLATION WATCH- Brace yourself for a brand new income tax law:<\/b> The government is working on a new income tax law during the current fiscal year, and expects to have an initial draft ready within two months, Finance Minister Mohamed Maait said at a press conference yesterday. Maait did not provide any further details on the new legislation, but the ministry said in a statement<\/a>following the press conference that there will be no changes to income tax rates.<\/p>\n

Background: <\/b>We reported in May<\/a> that the government began drafting significant changes to the Income Tax Act, and even had plans to replace the legislation altogether. Tax Authority boss Abdel Azim Hussein told us that no changes to tax rates or brackets were on the horizon. The reforms would instead impact how tax appeals are handled, the ministry\u2019s internal tax committees, and the procedures for filing tax returns. They may also include introducing a new chapter in the tax code for the treatment of online businesses, new powers to combat tax evasion, and a review of how tax incentives are structured.<\/p>\n

Amendments to the VAT law are also in the works:<\/b> The government will form a committee to amend the VAT law, Maait said, adding that there would be no changes to the VAT rate \u2014 a point the ministry reiterated in a statement following the presser. Maait\u2019s assurances contradict a Reuters report<\/a> from earlier in the day, which claimed to have seen a document suggesting that the government will review the general VAT rate in the current fiscal year.<\/p>\n

Background:<\/b> This is the first thing we\u2019ve heard on VAT since the ministry\u2019s VAT department head Sayed Saqrtold us in May<\/a> that it is planning to begin charging and remitting VAT on download sites. The Finance Ministry is currently compiling a list of websites that charge for book, movie, and song downloads, all of which will come under the scope of the VAT law, he said. The government wants to add around 500k new VAT taxpayers by 2020 and raise revenues from the tax to EGP 364.6 bn this fiscal year. VAT revenues stood at EGP 309 bn last fiscal year, Maait said yesterday, according to Al Mal<\/a>. An official told us<\/a> in April that the Finance Ministry plans to impose VAT on all e-commerce platforms and social media ads. Companies including Amazon\u2019s Souq, Jumia and OLX would be required to charge VAT on all online sales.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- Brace yourself for a brand new income tax law: The government is working on a new income tax law during the current fiscal year, and expects to have an initial draft ready within two months, Finance Minister Mohamed Maait said at a press conference yesterday. Maait did not provide any further details on […]<\/p>\n","protected":false},"author":1,"featured_media":597534,"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":[104,72,7313,180,277,2380,7110],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-economy","tag-enterpriseam","tag-income-tax","tag-legislation","tag-mohamed-maait","tag-speed-round","tag-vat","wpautop","entry"],"acf":{"mongo_id":"be6e89d9-d4b7-48ed-be74-f7715b341ecd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/661.jpg","photo_position":"above","related_issue":[597528],"teaser":"","voice_url":""},"yoast_head":"\nEgypt working on new income tax, VAT laws -Maait - 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\/07\/30\/egypt-working-on-new-income-tax-vat-laws-maait\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt working on new income tax, VAT laws -Maait\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- Brace yourself for a brand new income tax law: The government is working on a new income tax law during the current fiscal year, and expects to have an initial draft ready within two months, Finance Minister Mohamed Maait said at a press conference yesterday. Maait did not provide any further details on […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/egypt-working-on-new-income-tax-vat-laws-maait\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-30T04:14:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/661.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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/egypt-working-on-new-income-tax-vat-laws-maait\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/egypt-working-on-new-income-tax-vat-laws-maait\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt working on new income tax, VAT laws -Maait\",\"datePublished\":\"2019-07-30T04:14:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/egypt-working-on-new-income-tax-vat-laws-maait\/\"},\"wordCount\":415,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/egypt-working-on-new-income-tax-vat-laws-maait\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/661.jpg?fit=%2C&ssl=1\",\"keywords\":[\"economy\",\"EnterpriseAM\",\"income tax\",\"legislation\",\"Mohamed Maait\",\"SPEED ROUND\",\"VAT\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/egypt-working-on-new-income-tax-vat-laws-maait\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/egypt-working-on-new-income-tax-vat-laws-maait\/\",\"name\":\"Egypt working on new income tax, VAT laws -Maait - 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The proposed amendments to the Customs Act are apparently alive and well, and will be approved by the Madbouly Cabinet this Wednesday, Finance Minister Mohamed Maait said, according to Amwal Al Ghad. Cabinet had approved \u201cin principle\u201d 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":597533,"position":1},"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. It has become necessary to thoroughly update the current Income Tax Act, which is now\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":567383,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/finmin-to-place-new-income-tax-law-up-for-public-consultation-in-2-4-weeks\/","url_meta":{"origin":597533,"position":2},"title":"FinMin to place new income tax law up for public consultation in 2-4 weeks","author":"enterpriseam admin","date":"21 January 2020","format":false,"excerpt":"LEGISLATION WATCH- The Finance Ministry\u2019s new income tax law will be up for public consultations in 2-4 weeks, Minister Mohamed Maait announced during a press conference held yesterday. The law would raise the personal income tax exemption threshold to EGP 24k, close tax avoidance loopholes for foreign companies, and introduce\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\/1\/661.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":627190,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/25\/major-amendments-to-the-tax-code-coming-during-next-legislative-term\/","url_meta":{"origin":597533,"position":3},"title":"Major amendments to the tax code coming during next legislative term","author":"enterpriseam admin","date":"25 July 2018","format":false,"excerpt":"EXCLUSIVE- Major amendments to the tax code coming during next legislative term: The Finance Ministry plans to introduce a package of new legislation when the House of Representatives reconvenes from its summer recess, Finance Minister Mohamed Maait told Enterprise. Topping the list of laws are amendments to the tax code\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":595369,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/egypt-finishes-initial-draft-of-new-income-tax-law\/","url_meta":{"origin":597533,"position":4},"title":"Egypt finishes initial draft of new income tax law","author":"enterpriseam admin","date":"24 September 2019","format":false,"excerpt":"LEGISLATION WATCH- Initial draft of new income tax law ready: The Finance Ministry has completed incorporating suggestions from the business community and finalized an initial draft of a new income tax law, Minister Mohamed Maait said yesterday during the Future of Investment in Egypt conference, according to a ministry statement.\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\/2019\/9\/615.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591877,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/19\/new-income-tax-law-to-be-finalized-this-fiscal-year-maait\/","url_meta":{"origin":597533,"position":5},"title":"New income tax law to be finalized this fiscal year -Maait","author":"enterpriseam admin","date":"19 December 2019","format":false,"excerpt":"LEGISLATION WATCH- The new income tax law will see the light of day this fiscal year: The new income tax law will be finalized before the end of the current fiscal year in June 2020, Finance Minister Mohamed Maait said at the World Youth Forum earlier this week. 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