{"id":624752,"date":"2018-09-18T04:19:17","date_gmt":"2018-09-18T04:19:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/a-new-comprehensive-tax-code-to-come-into-effect-soon-finmin\/"},"modified":"2018-09-18T04:19:17","modified_gmt":"2018-09-18T04:19:17","slug":"a-new-comprehensive-tax-code-to-come-into-effect-soon-finmin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/a-new-comprehensive-tax-code-to-come-into-effect-soon-finmin\/","title":{"rendered":"A new comprehensive tax code to come into effect soon -FinMin"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>**#1 LEGISLATION WATCH- New, comprehensive tax code to come into effect soon? <\/strong>The Finance Ministry has finished drafting a new comprehensive tax code, Minister Mohamed Maait announced in a <a href=\"https:\/\/ent.news\/2018\/9\/245.pdf\">statement yesterday (pdf)<\/a>, and it looks to be on the fast track to to the House of Representatives. The bill was sent to President Abdel Fattah El Sisi last Thursday and is expected to entail a complete restructuring of the Tax Authority\u2019s inner workings in an effort to streamline tax procedures, according to Maait, who had <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/25\/major-amendments-to-the-tax-code-coming-during-next-legislative-term\/\">first told us in July<\/a> to expect substantial changes to the tax code to be presented to the House of Representatives when it reconvenes next month.<\/p>\n<p><strong>Details still scarce: <\/strong>Apart from the fact that the bill will regulate electronic tax payments, details are still scarce. Maait had previously told Enterprise the law would reduce bureaucratic red tape and include provisions that would impact sales and real estate taxes. He had also said that the new policies means to curb tax evasion and corruption through improved transparency and accountability.<\/p>\n<p><strong>The ministry has also completed a draft bill on taxation of very small enterprises<\/strong>, which aims to further the goals of financial inclusion, Maait said. No further details were provided. Sources <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/10\/social-media-ad-tax-study-to-be-complete-this-month\/\">told us last week<\/a> that the ministry was conducting a final review of the SMEs Act, which aims to encourage very small businesses to join the formal economy, was due before the Madbouly Cabinet soon.<\/p>\n<p><strong>These changes are all aimed at widening the government\u2019s tax base and increasing revenues. <\/strong>Tax revenues should rise to 14.6% of GDP in FY2018-19, up from 14% currently, according to the minister, who had <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/29\/finmin-announces-fy2017-18-budget-results\/\">previously said that<\/a> a more streamlined tax system is a way of boosting inflows into state coffers. To that end, efforts are ongoing to overhaul the real estate tax system, which saw <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/06\/oil-finance-ministries-agree-on-tax-treatment-of-oil-gas-and-mining-properties\/\">agreements signed recently<\/a> with the ministries of oil and tourism on the calculation of real estate taxes for their respective sectors. Resolving outstanding tax disputes through an <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/02\/another-mixed-bag-of-nuts-on-the-airwaves\/\">incentive-based system<\/a> also serve that purpose. We had also heard that the ministry was studying <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/10\/social-media-ad-tax-study-to-be-complete-this-month\/\">how to tax social media<\/a> advertisements and e-commerce transactions.<\/p>\n<p>This came as a committee from the ministries of investment and finance <strong>issued guidelines yesterday meant to simplify the processing of tax registration forms,<\/strong> <a href=\"http:\/\/www.miic.gov.eg\/Arabic\/MediaCenter\/News\/Pages\/%D8%A7%D8%AC%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%84%D8%AA%D9%8A%D8%B3%D9%8A%D8%B1-%D9%85%D9%86%D8%A7%D8%AE-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1.aspx\">according to an official statement<\/a>. Under the new guidelines, investors will receive their tax registration number as soon as they submit their application, which allows them to complete other procedures and paperwork until the final certificate is issued. Registration for the value-added tax will also be expedited in a similar fashion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>**#1 LEGISLATION WATCH- New, comprehensive tax code to come into effect soon? The Finance Ministry has finished drafting a new comprehensive tax code, Minister Mohamed Maait announced in a statement yesterday (pdf), and it looks to be on the fast track to to the House of Representatives. The bill was sent to President Abdel Fattah [&hellip;]<\/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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624752","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"556f9530-4687-4efb-94ab-fb20a48d5720","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[624747],"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>A new comprehensive tax code to come into effect soon -FinMin - 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\/2018\/09\/18\/a-new-comprehensive-tax-code-to-come-into-effect-soon-finmin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A new comprehensive tax code to come into effect soon -FinMin\" \/>\n<meta property=\"og:description\" content=\"**#1 LEGISLATION WATCH- New, comprehensive tax code to come into effect soon? The Finance Ministry has finished drafting a new comprehensive tax code, Minister Mohamed Maait announced in a statement yesterday (pdf), and it looks to be on the fast track to to the House of Representatives. The bill was sent to President Abdel Fattah [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/a-new-comprehensive-tax-code-to-come-into-effect-soon-finmin\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-18T04:19:17+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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/a-new-comprehensive-tax-code-to-come-into-effect-soon-finmin\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/a-new-comprehensive-tax-code-to-come-into-effect-soon-finmin\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"A new comprehensive tax code to come into effect soon -FinMin\",\"datePublished\":\"2018-09-18T04:19:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/a-new-comprehensive-tax-code-to-come-into-effect-soon-finmin\/\"},\"wordCount\":442,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/a-new-comprehensive-tax-code-to-come-into-effect-soon-finmin\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/a-new-comprehensive-tax-code-to-come-into-effect-soon-finmin\/\",\"name\":\"A new comprehensive tax code to come into effect soon -FinMin - 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The changes, first announced by Finance Minister Mohamed Maait over a year ago, would raise the personal income tax exemption\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594874,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/maait-denies-egypt-is-planning-to-raise-stamp-tax-rates\/","url_meta":{"origin":624752,"position":1},"title":"Maait denies Egypt is planning to raise stamp tax rates","author":"enterpriseam admin","date":"10 September 2019","format":false,"excerpt":"The Finance Ministry is not planning to raise stamp tax rates, Maait said at the Euromoney conference yesterday, according to Al Mal. The minister denied our report from yesterday that proposed amendments to the Stamp Tax Act would see the tax and fees hiked on electricity consumption, banking transactions, car\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":599889,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/egypts-parliament-committee-gives-nod-to-proposed-amendments-to-income-tax-act\/","url_meta":{"origin":624752,"position":2},"title":"Egypt\u2019s parliament committee gives nod to proposed amendments to Income Tax Act","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"LEGISLATION WATCH- Proposed changes to how banks are taxed get committee-level approval in the House: The House Planning and Budget Committee has given a nod to government-proposed amendments to the Income Tax Act that would change how banks and corporations account for income from investments in government debt, Al Mal\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":627190,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/25\/major-amendments-to-the-tax-code-coming-during-next-legislative-term\/","url_meta":{"origin":624752,"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 &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":595369,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/egypt-finishes-initial-draft-of-new-income-tax-law\/","url_meta":{"origin":624752,"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 &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\/2019\/9\/615.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571776,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/31\/egypt-to-waive-100-of-late-fees-on-taxes-state-dues-repaid-in-full-before-waiver-bill-comes-into-effect\/","url_meta":{"origin":624752,"position":5},"title":"Egypt to waive 100% of late fees on taxes, state dues repaid in full before waiver bill comes into effect","author":"enterpriseam admin","date":"31 May 2020","format":false,"excerpt":"LEGISLATION WATCH- Cabinet expands forgiveness of late fees on taxes: The Madbouly Cabinet will drop 100% of interest payments and late fees on a handful of taxes and state dues provided the full amount of taxes owed are paid before a draft bill that would waive a portion of these\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\/624752","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=624752"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/624752\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/624747"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=624752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=624752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=624752"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=624752"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=624752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}