{"id":630598,"date":"2018-04-26T04:28:49","date_gmt":"2018-04-26T04:28:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/26\/finance-ministry-plans-digital-revamp-of-tax-filing-system-aims-to-clamp-down-on-bogus-receipts-in-bid-to-bolster-state-revenues\/"},"modified":"2018-04-26T04:28:49","modified_gmt":"2018-04-26T04:28:49","slug":"finance-ministry-plans-digital-revamp-of-tax-filing-system-aims-to-clamp-down-on-bogus-receipts-in-bid-to-bolster-state-revenues","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/26\/finance-ministry-plans-digital-revamp-of-tax-filing-system-aims-to-clamp-down-on-bogus-receipts-in-bid-to-bolster-state-revenues\/","title":{"rendered":"Finance Ministry plans digital revamp of tax filing system, aims to clamp down on bogus receipts in bid to bolster state revenues"},"content":{"rendered":"

<\/a> EXCLUSIVE- Finance Ministry plans digital revamp of tax filing system, aims to clamp down on bogus receipts in bid to bolster state revenues:<\/strong> The Finance Ministry is looking to revamp the tax filing system, with the goal of making it fully digital and building a single platform to file and report all of one\u2019s taxes, Tax Authority head Emad Samy told Enterprise. The ministry is also planning to unify and overhaul the country\u2019s billing and receipt collection system to better monitor and verify billings, reduce fraudulent receipts and write-offs, and get a better view of the informal economy, said Samy, who declined to provide further detail. The ministry is already looking at offers from around six or seven foreign companies to establish this system.<\/p>\n

No changes to tax code other than whatever comes out in SME Act: <\/strong>Members of the business community can take a deep breath: Whatever rumors are circulating, the tax policy stability promised by Finance Minister Amr El-Garhy is still the order of the day. Samy confirmed that the Finance Ministry has no plans to change the tax code other than as required by provisions of the planned SME Act<\/a>, which would outline a new tax framework to encourage small businesses to join the formal economy. Expect the legislation to be introduced to House of Representatives soon, he added.<\/p>\n

Tax base growing:<\/strong> With just a few days left before corporate tax returns for FY2017 are due, corporate tax revenues are expected to rise to EGP 55.5 bn for the current tax season, up from EGP 33 bn the year before, Samy added. The government is projecting total tax receipts for FY2017-18, including the value-added tax, will hit EGP 604 bn in FY2017-18.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- Finance Ministry plans digital revamp of tax filing system, aims to clamp down on bogus receipts in bid to bolster state revenues: The Finance Ministry is looking to revamp the tax filing system, with the goal of making it fully digital and building a single platform to file and report all of one\u2019s taxes, […]<\/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-630598","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"6c87cf6e-e4d4-4e28-947d-d8ec85318e99","order":"0","is_powered_by":true,"section_story_id":"dad8214f-0b96-4004-8df1-b39022b94160","story_type":"1","photo_url":"","photo_position":"above","related_issue":[630586],"teaser":"","voice_url":""},"yoast_head":"\nFinance Ministry plans digital revamp of tax filing system, aims to clamp down on bogus receipts in bid to bolster state revenues - 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Companies will submit tax returns and sales receipts electronically on the system, which will also give businesses the ability to complete audit requests online, eliminating\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":573601,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/11\/egypts-tax-authority-is-rolling-2-5k-companies-into-its-e-filing-system-in-1q2021\/","url_meta":{"origin":630598,"position":2},"title":"Egypt\u2019s Tax Authority is rolling 2.5k companies into its e-filing system in 1Q2021","author":"enterpriseam admin","date":"11 August 2020","format":false,"excerpt":"Second phase of Tax Authority\u2019s e-filing rollout to take place in 1Q2021: More than 2.5k companies will be required to submit tax returns and sales receipts electronically when the government rolls out the second phase of its e-filing system in 1Q2021, said Mohsen El-Gayar, Director of Taxpayer Services at 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\/2020\/8\/81.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":625890,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/26\/finmin-seeks-access-to-companies-bank-data-under-proposed-amendments-to-the-income-tax-act\/","url_meta":{"origin":630598,"position":3},"title":"FinMin seeks access to companies\u2019 bank data under proposed amendments to the Income Tax Act","author":"enterpriseam admin","date":"26 August 2018","format":false,"excerpt":"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\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":594914,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/11\/egypts-tax-revenues-expected-to-account-for-14-of-gdp-investments-to-spur-gdp-growth-in-fy2019-2020\/","url_meta":{"origin":630598,"position":4},"title":"Egypt\u2019s tax revenues expected to account for 14% of GDP, investments to spur GDP growth in FY2019-2020","author":"enterpriseam admin","date":"11 September 2019","format":false,"excerpt":"FinMin sees tax revenues accounting for 14% of GDP, investments contributing bigger portion of GDP growth in FY2019-2020: The Finance Ministry expects Egypt\u2019s tax revenues in FY2019-2020 to comprise 14% of the country\u2019s GDP, with that figure projected to rise to 14.3% and 14.5% in the next two fiscal years,\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\/190.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605286,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/27\/finmin-looking-to-automate-stores-sales-disclosures-vat-owed-to-tax-authority\/","url_meta":{"origin":630598,"position":5},"title":"FinMin looking to automate stores\u2019 sales disclosures, VAT owed to Tax Authority","author":"enterpriseam admin","date":"27 December 2018","format":false,"excerpt":"EXCLUSIVE- FinMin looking to automate retailers\u2019 disclosures of sales, VAT to Tax Authority: The Finance Ministry is looking to outfit major retailers, shopping malls, and auto showrooms with devices that would automatically the relay of sales data to the Tax Authority, a senior government official tells Enterprise. 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