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Thursday, 13 February 2020

Egypt’s businesses to start paying taxes electronically starting mid March

REGULATION WATCH- Companies will be required to pay taxes electronically starting mid-March, head of the Tax Authority’s research department Ragab Mahrous said, according to Masrawy. A recent amendment to the Income Tax Act made it mandatory for companies to file their taxes online starting from January 2020, as part of the state’s drive toward a cashless economy.

Taxpayers should be filing their returns electronically during this tax season, which kicked off on 1 January and ends late March for limited liability companies and late April for joint stock companies, says Ragab. The authority would then collect different types of taxes electronically, including income tax and the 0.25% tithe on revenues to support the new healthcare system, according to Ragab.

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