The Egyptian government has approved a new law, under which a simplified lump-sum tax is applied to any property or company with annual turnover of not over EGP 10 million, Minister of Finance Mohamed Maait revealed on November 6th.

Moreover, a new draft law on income taxes will be presented for approval by the cabinet over the coming period, to be referred to the House of Representatives later, the minister said.

Maait also stressed that the government is keen to facilitate the customs release measures for both investors and citizens to ease trade movement.

As for the digital systems, he noted that they helped expand the tax base and increase revenues without causing any additional burdens for investors, which contributed to the informal economy.

 

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