The new electronic platform to prepare and manage wages and dues for employees across all the national economic sectors will be launched in January 2023, Egyptian Minister of Finance Mohamed Maait revealed on November 3rd.

The anticipated launch will contribute to unifying and digitalizing the rules, standards, and measures of calculating the income tax and insurance on a monthly basis via the payroll system, Maait explained.

The trial run of the platform will be completed in December 2022 and the service will be extended to the remaining financers as of January 2023 in stages, he highlighted.

Tax settlement for 2023 is being conducted in accordance with the new system as the annual settlement requires a monthly electronic registration since the beginning of the year in a way that ensures justice among all workers and fair competition between companies in estimating expenses, he added.

The new system focuses on rolling out a unified platform, through which due taxes are calculated without the interference of humans, he said.

This will help achieve tax fairness and perform tax settlements monthly to fill the gap in the annual settlement of taxes and facilitate its measures between the public and private sectors, which would allow employees and financers to issue certified digital documents that prove they paid income taxes, the minister noted.

Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (