{"id":625890,"date":"2018-08-26T04:12:03","date_gmt":"2018-08-26T04:12:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/26\/finmin-seeks-access-to-companies-bank-data-under-proposed-amendments-to-the-income-tax-act\/"},"modified":"2018-08-26T04:12:03","modified_gmt":"2018-08-26T04:12:03","slug":"finmin-seeks-access-to-companies-bank-data-under-proposed-amendments-to-the-income-tax-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/26\/finmin-seeks-access-to-companies-bank-data-under-proposed-amendments-to-the-income-tax-act\/","title":{"rendered":"FinMin seeks access to companies\u2019 bank data under proposed amendments to the Income Tax Act"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>EXCLUSIVE- FinMin seeks access to corporate bank data under proposed amendments to the Income Tax Act: <\/strong>Forthcoming amendments to the Income Tax Act would allow the Finance Ministry to check up on company accounts to make sure they\u2019re paying their income taxes, Tax Authority boss Emad Samy told Enterprise. The amendment will require discussion with the central bank to ensure the language conforms to the Central Bank Act, Samy noted, explaining that under the proposed measure \u2014 which is a part of the authority\u2019s <strong>drive to clamp down on tax evasion<\/strong> \u2014 the ministry would have to make a formal request to the CBE to be allowed to view bank data or investigate suspicious activity.<\/p>\n<p><strong>Background: <\/strong>We had <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/31\/finmin-looks-into-drafting-a-new-income-tax-act\/\">reported in July<\/a> that the Finance Ministry was drafting a new Income Tax Act that\u2019s more in-keeping with the times and that would cover everything from income tax rates to exemptions and tax breaks, in addition to factoring in e-commerce. Finance Minister Mohamed Maait <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/25\/major-amendments-to-the-tax-code-coming-during-next-legislative-term\/\">had previously told us<\/a> that amendments coming to the act would streamline tax procedures and cut red tape.<\/p>\n<p><strong>The news comes as the Finance Ministry announced that it\u2019s ready to begin receiving tax returns electronically,<\/strong> <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1317398\">according to Al Masry Al Youm<\/a>. The House of Representatives had signed off on <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/12\/house-committee-approves-amendments-to-govt-accounting-act-enshrining-transition-towards-a-cashless-economy\/\">amendments to the Accounting Act<\/a>, which make it mandatory for all government transactions \u2014 including collecting taxes and disbursing civil servants\u2019 wages \u2014 to be electronic, banning the use of paper cheques. Under the same cashless \/ paperless economy bid, the ministry <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/12\/finmin-launches-new-digital-platform-to-monitor-government-transactions\/\">launched<\/a> a digital platform earlier this month that allows all state ministers and governors to keep track of their respective budgets and expenditures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EXCLUSIVE- FinMin seeks access to corporate bank data under proposed amendments to the Income Tax Act: Forthcoming amendments to the Income Tax Act would allow the Finance Ministry to check up on company accounts to make sure they\u2019re paying their income taxes, Tax Authority boss Emad Samy told Enterprise. The amendment will require discussion with [&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-625890","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"619a043f-6a16-420e-b4e3-5ed348c59a85","order":"0","is_powered_by":true,"section_story_id":"c61c9c37-409f-4d85-a23e-1c51551a0d75","story_type":"1","photo_url":"","photo_position":"above","related_issue":[625883],"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>FinMin seeks access to companies\u2019 bank data under proposed amendments to the Income Tax Act - 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\/08\/26\/finmin-seeks-access-to-companies-bank-data-under-proposed-amendments-to-the-income-tax-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin seeks access to companies\u2019 bank data under proposed amendments to the Income Tax Act\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- FinMin seeks access to corporate bank data under proposed amendments to the Income Tax Act: Forthcoming amendments to the Income Tax Act would allow the Finance Ministry to check up on company accounts to make sure they\u2019re paying their income taxes, Tax Authority boss Emad Samy told Enterprise. The amendment will require discussion with [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/08\/26\/finmin-seeks-access-to-companies-bank-data-under-proposed-amendments-to-the-income-tax-act\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-26T04:12:03+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\/2018\/08\/26\/finmin-seeks-access-to-companies-bank-data-under-proposed-amendments-to-the-income-tax-act\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/08\/26\/finmin-seeks-access-to-companies-bank-data-under-proposed-amendments-to-the-income-tax-act\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FinMin seeks access to companies\u2019 bank data under proposed amendments to the Income Tax Act\",\"datePublished\":\"2018-08-26T04:12:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/08\/26\/finmin-seeks-access-to-companies-bank-data-under-proposed-amendments-to-the-income-tax-act\/\"},\"wordCount\":290,\"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\/08\/26\/finmin-seeks-access-to-companies-bank-data-under-proposed-amendments-to-the-income-tax-act\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/08\/26\/finmin-seeks-access-to-companies-bank-data-under-proposed-amendments-to-the-income-tax-act\/\",\"name\":\"FinMin seeks access to companies\u2019 bank data under proposed amendments to the Income Tax Act - 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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":625944,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/27\/tax-inspectors-wont-have-direct-access-to-corporate-banking-information-central-bank-says\/","url_meta":{"origin":625890,"position":1},"title":"Tax inspectors won\u2019t have direct access to corporate banking information, central bank says","author":"enterpriseam admin","date":"27 August 2018","format":false,"excerpt":"CBE nixes amendments to income tax act that would have given tax inspectors access to corporate bank data: Central Bank Governor Tarek Amer poured cold water yesterday on proposed amendments to the 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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 &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":578101,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/15\/finmin-mulls-wage-tax-hike\/","url_meta":{"origin":625890,"position":3},"title":"FinMin mulls wage tax hike","author":"enterpriseam admin","date":"15 December 2022","format":false,"excerpt":"Salaries above EGP 800k could be subject to a new top tax rate: The Finance Ministry is proposing amendments to the Income Tax Act that would enforce a new 27.5% wage tax rate on salaries of more than EGP 800k a year, a source with knowledge of the matter told\u2026","rel":"","context":"In &quot;Taxation&quot;","block_context":{"text":"Taxation","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/taxation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/322.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604819,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/13\/finmin-to-work-with-egypts-banks-on-mitigating-the-impact-of-the-new-tax-treatment\/","url_meta":{"origin":625890,"position":4},"title":"FinMin to work with Egypt\u2019s banks on mitigating the impact of the new tax treatment","author":"enterpriseam admin","date":"13 December 2018","format":false,"excerpt":"EXCLUSIVE- Tax officials spreading oil on troubled waters after flap over tax treatment of bank holdings of gov\u2019t debt: Tax officials are actively working to smooth feathers ruffled by a proposed change to how bank income from investments in government debt is taxed. 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