New income tax law to come as surprise: ETA’s Deputy Head

PHOTO

The new income tax law will be a surprise to all, as it was drafted in line with international tax authorities’ standards to foster the transparency-based relationship between the Egyptian Tax Authority (ETA) and taxpayers, Deputy Head of the ETA Sayed Saqr stated.

During a seminar organized by the British Egyptian Business Association (BEBA) titled “Challenges and Opportunities facing Investors”, Saqr noted that the new law on dispute settlement is currently under consideration by the Cabinet for a vote.

He said that the current law will remain in effect until the end of 2024.

Facilitating Procedures for Taxpayers

Saqr added that the Ministry of Finance is currently preparing the so-called tax policy document to ensure tax stability and facilitate procedures for investors.

He stressed that all incentives and tax benefits obtained by investors will remain intact, adding that the relationship between the ETA and investors is based on transparency.

Moreover, Saqr asserted that investors often wait until the deadline approaches before submitting their tax returns, albeit compliance with filing tax returns is still excellent, praising the progress made by the ETA in the last five years.