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Sunday, 31 May 2020

Egypt to waive 100% of late fees on taxes, state dues repaid in full before waiver bill comes into effect

LEGISLATION WATCH- Cabinet expands forgiveness of late fees on taxes: The Madbouly Cabinet will drop 100% of interest payments and late fees on a handful of taxes and state dues provided the full amount of taxes owed are paid before a draft bill that would waive a portion of these fees comes into effect, according to a Finance Ministry statement. Cabinet had approved earlier this month the bill, which would waive a portion of interest payments and late fees on income tax, VAT, customs tax, real estate tax, social insurance fees, and other state dues, once taxes owed are cleared. The portion of the dropped fees would depend on whether the taxes are paid within 60, 120, or 180 days after the House of Representatives approves the bill.

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