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Wednesday, 29 January 2020

Unified tax system to be fully operational this year -Maait

Egypt’s new unified digital tax payment system is set to be fully implemented by the end of the year, Finance Minister Mohamed Maait said in a statement. The new system will provide businesses with a single online system for filing and paying income tax, stamp tax and VAT, in an effort to streamline procedures and encourage informal businesses to go legit. IBM is designing an integrated model for the automated system, while e-Finance, SAP, and Ernst & Young also have pieces of the project. The government expects to roll out a beta model for large-scale taxpayers before gradually expanding the system to encompass all tax payments. The Madbouly Cabinet greenlit the proposed legislation last year.

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