{"id":597986,"date":"2019-05-12T03:45:21","date_gmt":"2019-05-12T03:45:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/12\/egypt-is-studying-sweeping-changes-to-tax-legislation\/"},"modified":"2019-05-12T03:45:21","modified_gmt":"2019-05-12T03:45:21","slug":"egypt-is-studying-sweeping-changes-to-tax-legislation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/12\/egypt-is-studying-sweeping-changes-to-tax-legislation\/","title":{"rendered":"Egypt is studying sweeping changes to tax legislation"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <b>EXCLUSIVE- Gov\u2019t studying significant tweaks to income tax legislation: <\/b>The government has begun drafting changes to the Income Tax Act to bring the legislation in line with international standards, Tax Authority boss Abdel Azim Hussein tells Enterprise. <b>Don\u2019t expect higher taxes: <\/b>Hussein was careful to note that no changes are in the works to tax rates or brackets in a bid to ensure the country remains attractive to foreign direct investors. The government will consult with business and industry associations, including the Egyptian Businessmen\u2019s Association and the Federation of Egyptian Industries, as well as with major accounting firms during the drafting process, he added.<\/p>\n<p><b>The changes might be extensive enough to require drafting entirely new legislation<\/b>, a senior official told us, suggesting that the 2015 Income Tax Act could be scrapped or significantly overhauled. The changes under study could impact how tax appeals are handled, the ministry\u2019s internal tax committees, and procedures for filing one\u2019s tax returns. The latter would be finalized after enacting the proposed law on new <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/17\/finmin-completes-draft-law-on-egypts-new-tax-procedures-electronic-filing-system\/\">unified tax procedures<\/a>, which is expected to pave the way for an electronic tax platform. The changes aim to support the government\u2019s goal to grow tax revenues by 0.5% a year to reach the fiscal year 2019-2020 draft budget\u2019s target of a tax base equivalent to 18-20% of GDP.<\/p>\n<p><b>Other changes now on the drawing board:<\/b><\/p>\n<ul>\n<li>Another look at how <b>capital gains and shareholder dividends<\/b> are taxed, which could pave the way for the return in 2020 of the <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/09\/egypts-govt-doesnt-intend-to-reintroduce-the-capital-gains-tax\/\">capital gains tax<\/a> on stock market transactions; <\/li>\n<li>Introducing a new chapter in the tax code for the treatment of \u201c<b>internet-based markets<\/b>\u201d (i.e. the digital economy); <\/li>\n<li>New tools to help clamp down on <b>tax evasion<\/b>;<\/li>\n<li>A review of how <b>tax incentives<\/b> are structured. <\/li>\n<\/ul>\n<p><b>It\u2019s the latest in a basket of potential changes that could keep your finance department busy in the coming year. <\/b>We were told <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/03\/finmin-looks-to-tax-the-living-daylights-out-of-social-media-ads-e-commerce-players\/\">last month<\/a> that the Finance Ministry is looking to impose a mix of VAT, income, stamp, and developmental taxes on social media, e-commerce platforms and internet search ads. This move would require changes to a number of laws including the Income Tax Act. Reports also <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/12\/house-to-consider-new-salary-related-amendments-to-income-tax-act\/\">emerged in February<\/a> that the House Planning and Budget Committee was discussing tweaks to the act which could change the tax code and rates on salaries. The act was most recently amended <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/24\/el-sisi-ratifies-new-tax-treatment-for-egyptian-banks\/\">in February<\/a> with changes to <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/25\/egypt-banks-will-see-their-taxes-rise-as-a-result-of-separately-accounting-for-income-from-holdings-of-state-debt\/\">how banks<\/a> and <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/17\/finmin-to-apply-tax-treatment-of-egypt-debt-holdings-to-both-bank-corporates\/\">corporations<\/a> account for income from investments in government debt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EXCLUSIVE- Gov\u2019t studying significant tweaks to income tax legislation: The government has begun drafting changes to the Income Tax Act to bring the legislation in line with international standards, Tax Authority boss Abdel Azim Hussein tells Enterprise. Don\u2019t expect higher taxes: Hussein was careful to note that no changes are in the works to tax [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":597987,"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":[72,1318,180,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-fiscal-policy","tag-legislation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"e28be20f-2c81-4310-bce7-02d1a40b76cc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/82.jpg","photo_position":"above","related_issue":[597981],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt is studying sweeping changes to tax legislation - 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\/05\/12\/egypt-is-studying-sweeping-changes-to-tax-legislation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt is studying sweeping changes to tax legislation\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- Gov\u2019t studying significant tweaks to income tax legislation: The government has begun drafting changes to the Income Tax Act to bring the legislation in line with international standards, Tax Authority boss Abdel Azim Hussein tells Enterprise. Don\u2019t expect higher taxes: Hussein was careful to note that no changes are in the works to tax [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/12\/egypt-is-studying-sweeping-changes-to-tax-legislation\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-12T03:45:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/82.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\/05\/12\/egypt-is-studying-sweeping-changes-to-tax-legislation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/12\/egypt-is-studying-sweeping-changes-to-tax-legislation\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt is studying sweeping changes to tax legislation\",\"datePublished\":\"2019-05-12T03:45:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/12\/egypt-is-studying-sweeping-changes-to-tax-legislation\/\"},\"wordCount\":421,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/12\/egypt-is-studying-sweeping-changes-to-tax-legislation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/82.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"fiscal policy\",\"legislation\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/12\/egypt-is-studying-sweeping-changes-to-tax-legislation\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/12\/egypt-is-studying-sweeping-changes-to-tax-legislation\/\",\"name\":\"Egypt is studying sweeping changes to tax legislation - 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Among the amendments is a proposal to give a tax cut to low income earners by tripling the tax\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":597533,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/egypt-working-on-new-income-tax-vat-laws-maait\/","url_meta":{"origin":597986,"position":2},"title":"Egypt working on new income tax, VAT laws -Maait","author":"enterpriseam admin","date":"30 July 2019","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":627388,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/31\/finmin-looks-into-drafting-a-new-income-tax-act\/","url_meta":{"origin":597986,"position":3},"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 &quot;Speed Round&quot;","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":599733,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/09\/tax-authority-not-looking-to-impose-10-capital-gains-tax-on-all-egypts-corporates\/","url_meta":{"origin":597986,"position":4},"title":"Tax Authority not looking to impose 10% capital gains tax on all Egypt\u2019s corporates","author":"enterpriseam admin","date":"9 January 2019","format":false,"excerpt":"EXCLUSIVE- Tax Authority not looking to impose 10% capital gains tax on all corporates: The Tax Authority is not planning to impose an across-the-board 10% capital gains tax on all corporates, authority head Abdel Azim Hussein tells Enterprise. According to Hussein, the proposed amendments to the Income Tax Act that\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":592734,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/05\/egypt-working-on-temporary-law-to-resolve-tax-disputes\/","url_meta":{"origin":597986,"position":5},"title":"Egypt working on temporary law to resolve tax disputes","author":"enterpriseam admin","date":"5 November 2019","format":false,"excerpt":"LEGISLATION WATCH- FinMin drawing up new law to resolve tax disputes: Tax affairs advisor to the finance minister, Ramadan Seddik, is drafting temporary six-month legislation to resolve open tax disputes, cabinet said in a statement, without mentioning any details of the law. The bill is being fast-tracked, and will be\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/597986","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=597986"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597986\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597981"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597987"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597986"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597986"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}