Egypt - The Ministry of Finance has called on taxpayers to quickly pay their original tax dues, regardless of their due date, before the end of August.

This is in order to benefit from the tax facilities stipulated in the law to override 65% of delay fees and the additional tax dues that the Egyptian Tax Authority handles, including income taxes, value-added taxes, stamp taxes, and the state’s financial resources development fees, provided that the remaining 35% is paid by next March.

A statement by the Ministry of Finance stated that the government is keen to reduce the financial burdens on the business community, increase the financial solvency of companies, end cases of default resulting from financial obligations and encourage natural and legal persons to pay their due debts, and accelerate the pace of work in ending tax disputes without resorting to the courts, in a manner that preserves the right of the state.

The statement indicated that the new tax benefits in the law of override in return for delay or additional tax, do not prejudice what is stipulated in the third paragraph of Article 110 of the Income Tax Law promulgated by Law No. 91 of 2005, which grants the taxpayer another exemption with a 30% discount from the delay fees on the taxes that are linked by agreement before the internal committees of the tax directorates, without referring them to the appeal committees.

Head of the Tax Authority, Mokhtar Tawfik, confirmed that the tax facilities contained in the law of override delay fee include sales tax or value added, stamp tax, income tax in all its containers, and tax on real estate transactions, provided that the real estate disposal is before the date of the law’s enforcement and until 31 August.

The head of the Tax Authority, in response to the questions of some financiers and taxpayers monitored by the Tax Media Observatory at the Ministry of Finance, said that the tax is due from the reality of the tax return without paying the tax, or paying it after the legal deadlines, regardless of the date of the tax assessment, pointing out that the lesson to benefit from the override in consideration for the delay by signing the taxpayer or the taxpayer on the minutes of the internal committee agreement until the end of the current August, even if the committee’s decision was issued after that. The Dispute Resolution Committee, without considering the adoption of this recommendation by the competent authority.

He clarified that the total principal of the tax debt due or payable includes what is required to be paid for each tax base separately according to the basis of the assessment, for any tax period in which the tax is payable or due until 31 August, noting that the taxpayer benefits from the law of override for In return for delay, if the legal clearing conditions are met until this date for a debt that is due or payable.

He stressed, in his instructions to the executive units, to make tax settlements for the files that the financiers or those charged with settlement requests for, to benefit from the law of override in return for delay, no later than the first of next March.

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