The tax authority has registered the largest tax collection in its history since the implementation of the new tax law for the season ending April 30th.   Taxpayers who have filed tax returns within d...

The tax authority has registered the largest tax collection in its history since the implementation of the new tax law for the season ending April 30th.   Taxpayers who have filed tax returns within due dates ending April 30th have paid  4.9 billion pounds, compared to 2 billion pounds last year.  Senior advisor to the Minister of Finance on tax policy Ashraf el Araby has pointed out however that the collected amounts for the first ever season since the implementation of the new tax policy represents the paid cash amounts for submitted tax returns but does not represent the total collection due the tax authority for 2005.  Mr. El Araby explained that the collected cash does not include taxes on salaries,  withheld taxes at source nor the tax returns on public authorities represented by the Central Bank, the Suez Canal, the Petroleum Authority and all public sector companies whose fiscal year begins July 2005 and ends June 30th, 2006; in addition to private sector companies with budgets characterized by interloping years. Mr. El Araby has praised the accountants at the tax authority for their serious efforts that have led to a marked increase in tax collection in line with the main targets of the new tax law. ( El-messa )