Learn about the motivating and investment-attractive messages of the Minister of Finance to the business community.

Fathi Al-Sayeh
20230223

“when The mechanization of taxes is complete.. There is no room for talking about arbitrary estimates.”

To financiers and to achieve tax justice 2023
Committed not to move tax rates on investors..despite the severity of the global crises

We opted to expand the tax base..and we succeeded by mechanization in increasing revenues by 20%

We have benefited from digital transformation projects to raise the efficiency of inventory and tax collection 2023
Tax treatment of accumulated files based on the philosophy of the “Small Projects” law 2023

The business community has exhausted us with a lot of development.. but we have appreciated the fruitful results 20230223
Maximizing the efforts Integration of the informal sector.. to estimate the real size J to the Economy of Egypt 2023
Optimal employment of modern technology.. in simplifying, mechanizing and unifying tax procedures

The “electronic bill” system shortened the tax examination time in several hours

Dr. Mohamed Moait, Minister of Finance, sent several motivating messages to the business community and attractive to investment, during his participation in the annual tax conference of Price House entitled: “Digitization and Updates in The tax field in light of Egypt’s Vision 2030,” saying: Digital tax systems help us obtain the right of the state “to what pleases God.” When mechanization in taxes is complete, there is no room for talking about arbitrary estimates, which have long been the subject of complaints, in a way that reflects the state’s keenness to exert maximum efforts to stimulate production, facilitate the financiers and achieve tax justice.

The Minister stressed that we are committed not to move tax rates on investors, despite the severity of the global economic crises, and during the coming period a conference will be held with business community figures, to announce the state’s tax policy document during the next five years; To serve as a supportive strategy for the stability of tax systems, especially in light of the exceptional circumstances witnessed in the global arena, and their impact on the economies and budgets of various countries, including Egypt, where we preferred to expand the tax base, by maximizing the benefit from digital transformation projects in raising the efficiency of inventory and tax collection, and we have succeeded mechanization in increasing tax revenues by 20% during the first half of the current fiscal year, saying: We realize that we have exhausted the business community with a lot of development, but we have appreciated the fruitful results achieved that reflect the optimal employment of modern technology in simplifying, mechanizing and standardizing tax procedures, and reducing the sector the informal sector, and strengthening efforts to integrate it; to estimate the true size of Egypt’s economy.

The minister explained that a bill is currently being prepared to end all the old accumulated tax files. It is based, in essence, on the philosophy of the Small, Medium and Micro Enterprises Development Law, which covers 60% of the old cases, and there is another conception of the tax treatment of the remaining 40%.

The Minister added that 295,000 companies have joined the “e-invoice” system so far, with an average of more than a million and a quarter documents per day, which are sent to the central digital platform for receiving, reviewing, approving and following up on sale and purchase invoices for commercial transactions between Companies in a way that ensures the determination of the true size of its business, including business dealings with any entities that are not registered for taxation or do not recognize the true size of its business; The sales of any party are the purchases of the other party; In a way that contributes to the elimination of fictitious companies, and also helps to shorten the tax examination time in several hours.

The minister indicated He pointed out that the integration between the “electronic bill” and “electronic receipt” systems enables us to create an accurate database on which we rely on the application of data analysis and decision-making support systems, the speed of value-added tax refund, and the achievement of equal opportunities between financiers in the Egyptian market, by By covering all electronic transactions of those dealing with the tax community, and the total receipts sent on the electronic system have so far reached nearly 64 million documents, ensuring that consumers pay taxes on goods and services in sales and services outlets to the state’s public treasury instantly.

The minister added that the legislative structure of the tax system has been developed; In line with modernization, mechanization, and re-engineering of procedures, and giving them legal authority, explaining that the Unified Tax Procedures Law established a legislative framework that codifies standard mechanized tax procedures, which have been simplified, merged, and digitized, to unify procedures for linking and collecting income tax, stamp tax, and tax on Added value, in a way that contributes to making services available to taxpayers or taxpayers electronically without the need to go to errands, by visiting the Egyptian Tax Authority’s electronic portal with the unified tax registration number for each of them, which includes all types of taxes subject to it, and making payments electronically using one of the non-cash payment methods.

The minister explained that we are working in full swing to finish standardizing the databases of taxpayers and customs, and linking the system The “electronic invoice” and the unified electronic platform for national trade “window”, to match invoice values ​​with the codes of imported items, in a way that contributes to strengthening the governance of the tax and customs systems, and maximizing the state’s public revenues, pointing out that the electronic system New Trounia to prepare and manage the salaries and entitlements of employees of state agencies; It contributes to the standardization and automation of the rules, standards and procedures for calculating the “employment and insurance tax” monthly through the “payroll” system. In a way that helps ensure fairness among all workers, fair competition between companies in estimating their expenses, strengthening the governance of the state’s financial system and achieving the desired goals. 2023