Head of Large Tax Payers Center:

A Leap in the Performance of Communications, Steel, Cement, and Financial Sector Companies

Tax E-Payment system are extended to 1850 bank branches and 1200 post o...

  Head of Large Tax Payers Center: A Leap in the Performance of Communications, Steel, Cement, and Financial Sector Companies Tax E-Payment system are extended to 1850 bank branches and 1200 post offices   Osama Tawaqol, the Head of Large Tax payers Center, affiliated to Tax Authority confirmed the upturn of many economic sectors’ profit indicators, as they recently witnessed a leap in the activities of Communication and Financial Sector Companies, Cement and Steel production, increasing their contribution in tax receipts, at ratios range between 20% and 30% percent, proving the profits increase during last months, and consequently upswing in economic status as a whole. In contrast, both aviation and tourism sectors still facing financial liquidity problems, he said that all the companies working in such activities did not achieve losses since the 25th of January revolution, but most of them realized profits ratio less than pre-revolution. Regarding tax arrears, Osama Tawakol revealed that the Minister of Finance has instructed to forma committee to survey such arrears and classify them according to the legal position, i.e. there is undisputed tax assessment which is final, and we are activating its collection throughout scheduling of payment with interests and delay penalties, and such cases represent a maximum of 10% of total tax arrears. He added that another category of arrears is being surveyed; it is the disputed tax dues, whether before appeal committees or before court, as so far no final ruling has been issued. Such cases resulted in fluctuation and new accumulation of tax arrears despite their partially collection. The largest proportion of outstanding arrears are that due on some public agencies such as, press institutions, General Authority for Supply Commodity (GASC),  General Organization for Government Printing Offices, companies of public sector &  public business sector and other public agencies . As for the preparations concluded by Large Tax Payer Center for tax return filing, Mr. Tawakol said that the center has formed a committee to receive tax payers' returns, as well as send them letters urging payment before the dead time of tax return filing, which is the end of next March concerning individuals and the end of next April for joint stock companies. He explained that   the facilities   provided by Large Taxpayer Centre also include: electronically return filing, as well as E-payment of the due taxes showed by tax returns through E-payment system, in which 1850 bank branches affiliated to 30 commercial banks and 1200 post offices participate to avail such service as of March 2013. Large taxpayers can pay taxes through CPS system, which allow them to pay the due taxes & tariffs and any other governmental dues that will be activated hereafter such as:  real estate tax, from the taxpayer's headquarters without the need to pay at bank branches. Such mechanism is a suitable channel for corporates and major institutions. E-Payment service is currently provided by 8 banks, and will be increased to reach 12 commercial banks by the end of 2013.