Cairo – Mubasher: The Egyptian Minister of Finance, Mohamed Maait, has issued the executive regulations of the unified tax procedures law.
The new law aims to streamline and automate procedures for assessing and collecting income tax, value added tax, state development tax, stamp tax, and other similar taxes, Maait said in a statement on Sunday.
Under the law, taxpayers can submit their tax returns electronically, which aligns with the objectives of the national project for modernising and automating the tax management system.
The executive regulations include allowing taxpayers to review the tax record.
In addition, the law stipulates that taxpayers have to notify the tax authority with the addition of any new branches, warehouses, or activities.
Violators of the law can submit a request for settlement in case of missing the notification, registration, or tax filing deadline.
The tax authority will respond to requests for a refund on overpaid taxes within 45 days. A delay interest of 2% above the Central Bank of Egypt’s (CBE) credit and discount rate will be applied in case the authority does not respond within 45 days.
