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Sunday, 17 February 2019

FinMin completes draft law on Egypt’s new tax procedures, electronic filing system

LEGISLATION WATCH- FinMin completes draft law on new tax procedures, electronic tax filing: The Finance Ministry has finished drafting proposed legislation on new unified tax procedures and an electronic tax filing system, according to a ministry statement. The ministry placed the draft up on its website to invite public comment in a process due to wrap up on 7 March. The end result will then be handed over to cabinet for approval ahead of its introduction to the House of Representatives. It will stipulate a simplified, unified procedure for filing income, stamp and VAT tax duties — as well as pave the way for a new electronic billing and tax payment platform that would help the ministry keep tabs on our books.

Online platform: The ministry is planning to implement in May an electronic billing and tax payment platform with set single tax ID numbers through which all companies will pay all of their taxes. The platform is also part of the larger e-Payments Act, which received preliminary approval from the House of Representatives last week. The act seeks to guide Egypt’s transition to a cashless economy.

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