Egypt sees 15% higher VAT revenue thanks to e-filing system

Egypt exempted 46,475 taxpayers in late payment fees

  
VAT increase Some growing stacks of coins with the word VAT on them. Image used for illustrative purpose

VAT increase Some growing stacks of coins with the word VAT on them. Image used for illustrative purpose

Getty Images/Photography taken by Mario Gutiérrez.

Cairo – Mubasher: The Egyptian Minister of Finance, Mohamed Maait, said that the electronic tax return filing system has improved the efficiency of tax collection and audit.

This has also contributed to increasing revenue from value-added tax (VAT) returns by 15% during the July-to-November period, which was at the peak of the coronavirus (COVID-19) crisis, Maait pointed out in a statement on Sunday.

In addition, the number of tax payers registered in the system increased by 45% as compared to July 2018 and the number of electronic VAT return submitters also grew by 30%, he revealed.

E-invoices

Moreover, Egypt was one of the first countries in the MENA region to require taxpayers to issue electronic tax invoices. The first phase, implemented in mid-November, included 134 of the top corporate taxpayers.

Late payment fee exemption

He further added that about 46,475 taxpayers have benefited from the late payment fee exemption law as of 18 November as they paid EGP 7.2 billion and were exempt from the payment of EGP 6.5 billion.

Source: Mubasher

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