The grace period assigned by the income tax authority for taxpayers ends on Tuesday for the submission of tax returns for the year 2005.

Over 80% of tax returns forwarded by companies in 2006 have p...

The grace period assigned by the income tax authority for taxpayers ends on Tuesday for the submission of tax returns for the year 2005.  Over 80% of tax returns forwarded by companies in 2006 have proved to be incomplete or has registered total amounts thus rendering the documentation more of an estimate rather than actual returns on income; a fact which opposes the idea of the new tax law. Head of the Egyptian Tax Authority Mahmoud Mohamed Aly has announced that estimates have rendered obstacles to the work process as it has made it difficult to determine sample tests on tax returns for fiscal year 2005.  Mr. Mahmoud has affirmed that letters have already been mailed to companies urging cooperation in an effort to set the pace for collaboration over the next years and  cave in to the new chapter of cooperation with the tax authority based on a fresh start in future dealings. (source: Al-Aalam El youm)