Minister of Finance Dr. Youssef Boutros Ghali will issue an executive list for amendments on stamp duties including new facilities

The new rules and regulations are a cornerstone for ending of disput...

Minister of Finance Dr. Youssef Boutros Ghali will issue an executive list for amendments on stamp duties including new facilities The new rules and regulations are a cornerstone for ending of disputes in listed complaints and those filed in court prior to issue date of the new law below 5000 pounds and in accordance of the new brackets valued at 30% of the value of tax and other liabilities up to 100,000pounds, as well as 60%  of the value of tax as well as amounts in excess of 100,000 pounds. The Minister explained that the drafted list will include a number of procedures to increase the supervision of the ministry and achieve a balance in the relationship with taxpayers.  The rules will entail that the Minister is charged with setting the general guidelines for the explanation of the law and the issuance of new measures on sample auditing.  The Minister said that focus has to be on the taxpayers’ returns. Internal committees have also been activated while resorting to ending disputes and in organizing demands by the tax authority to inspect the files.‏ The regulation list said that contracts that are subject to stamp duties are liable for collection of only such duties whereas tax on accumulated accounts and bank accounts they will be subject to tax on the type of each of such account.  Relative tax will be due on accumulated loan amounts and credit facilities.‏ The account will be defined in accordance with the amounts offered borrowers at the end of each quarter year excluding unused amounts within offered facilities. Loans and credits to clients in banks include:‏ a. Discounted bills b. Discounted foreign bills c. Discounted bills due at each quarter year. d. Balance on all loan amounts e. Promissory notes f. Unpaid treasury bills g. Debits h. Bank loans The rules prohibit discounting debit balances should they appear among credit facilities at the end of each period‏ A relative stamp tax only is collected on what has been withdrawn from debit accounts and listed on their credit cards and which has not been used by the debit cards.  Stamp duties are not collected from smart cards or stored value cards nor on temporary commitments Stamp duties on commercials are such that they are listed as 15% from the total value of the commercial (source: AL ahram)