For the first time... A simplified and integrated system for startups, small businesses, self-employment and entrepreneurial activities up to a business volume of 15 million pounds

We have started implementing the tax facilitation package. by re-examining the sample system in all directorates and tax offices

Launching the central clearance system between receivables and indebtedness at the end of this month with the aim of making it easier for those dealing with the Tax Authority

Kouchouk inspects the "e-finance" booth and the Tax Authority.. He confirms:

Benefiting from the huge information wealth in supporting some sectors and stimulating economic activity

"Mechanization" helps us a lot in providing faster and better tax services. Taxpayers shall feel a tangible improvement

Improving and simplifying tax services for taxpayers and investors is a "top priority"

 

 

 

Ahmed Kouchouk, Minister of Finance, confirmed that there are facilities and incentives for entrepreneurship projects and «freelancers» that include all tax bases «income, value added, stamp and state resource development fee», within the first package of tax reforms within the framework of the «trust, partnership and support» track with the tax community, where, for the first time, a simplified and integrated tax system will be developed for startups, small businesses, self-employment and entrepreneurial activities, as well as up to a business volume of 15 million pounds. He pointed to the exemption from «capital gains», «dividends», «stamp», and the publicity and documentation fees for those joining this simplified system, and also exemption from the application of the system of discount or advance payments, provided that only four declarations of value added are submitted during the year and the first tax examination will be after 5 years. Payroll and wages tax declarations are to be submitted on the annual settlement declaration.

 

The Minister said, at the Digital Payments, Financial Inclusion and Digital Banks Conference and Exhibition «PAFIX», that we have started implementing the first package of tax facilities by restoring the sample inspection system in all directorates and tax offices, in order to ensure our confidence in our taxpayers, pointing out that the central clearance system between receivables and indebtedness will be launched at the end of this month, with the aim of making it easier for those who deal with the Egyptian Tax Authority.

 

Kouchouk conducted an inspection tour of the "e-finance" booth for Financial and Digital Investments, accompanied by the Chairman of the Board of Directors of the company, Ibrahim Sarhan, and the Egyptian Tax Authority booth, at the Digital Payments, Financial Inclusion and Digital Banks Exhibition "PAFIX". He stressed the importance of benefiting from the enormous information wealth that we have formed from the automated financial and tax systems in supporting some sectors and stimulating economic activity, explaining that "mechanization" helps us a lot in providing faster and better tax services, and that the taxpayer shall feel a tangible improvement in the tax reality.

 

The Minister said that improving, simplifying and unifying tax services for taxpayers and investors is a "top priority" that the Ministry of Finance and the Tax Authority are working on in order to reduce the burdens on the tax community, attract new taxpayers, and support the liquidity of our partners.