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Tuesday, 15 May 2018

Finance Ministry to implement overhaul of tax filing system in FY2019-20

EXCLUSIVE- Finance Ministry to implement overhaul of corporate tax filing system in FY2019-20: The Finance Ministry’s plan to revamp the tax filing system for corporations will take place in FY2019-20 to allow the ministry to adapt its administrative structure to the new changes, Tax Authority chief Emad Samy told Enterprise on Monday. As we noted last month, the ministry is looking to make it fully digital and build a single platform, which includes issuing smart cards, to file and report all of one’s taxes (income, real estate, VAT, etc.) to reduce bogus receipts and write-offs and maximize revenues. The wider tax plan, which will come through amendments to the Income Tax Act, will include unifying the country’s billing and receipt collection system. Other previously announced changes include making electronic tax filing mandatory to all companies and having a preliminary filing in April with the bulk of tax documentation being collected at settlement time in June.

The ministry is going through internal changes to implement the plan, said Samy. These include merging the sales tax unit with the Tax Authority to centralize tax collection and administration. Consultancy firm EY is currently advising the ministry on the restructuring. The ministry will also issue an international tender to help map out the new procedures before the law is amended.

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