Latest in Highlight
The Egyptian Tax Authority warned 13 public and private/public petroleum companies that they face an administrative freeze, and it has refused to accept their tax returns to date. This follows the Ministry of Finance having refused to settle the companies’ tax debt, which is estimated at EGP 3bn owed to the Tax Authority, according to …
Telecom Egypt, Ezz Steel, and Cemex Egypt among top tax paying companies
Necessary measures to combat tax evasion will be taken, finance minister says
Reuters – Orascom Construction has been cleared by an Egyptian public prosecutor of all tax evasion claims related to the sale of a building seven years ago to French peer Lafarge in Egypt, Orascom’s Dutch parent OCI said on Tuesday. Orascom, a subsidiary of chemicals and engineering company OCI, asked the prosecutor to clear the company’s name following …
Reuters – Orascom Construction Industries has suspended payment of a 31 December instalment of an EGP 7.1bn ($1.02bn) tax settlement with Egypt’s government, its Amsterdam-listed parent company OCI NV said on Wednesday. The settlement was agreed last April, when Islamist President Mohamed Morsi was still in office, and related to claims the company had failed …
The government will tackle a different tax system after revitalising the economy, says Minister of Finance
Approximately 20,000 cases of tax disputes have been awaiting court verdicts since 2003, with taxes valued at EGP 40bn
The new law published today in the Official Gazette allows reconciliation in accordance to Law No. 159 of 1997 concerned with reconciliation in tax disputes listed in front of courts
The government relinquished these funds for the benefit of citizens, and it is expected that the largest part of this amount will go towards local consumption and increase demand.
The government pledges to pay EGP 2.5bn due to contractors before December 2013
Economics professor advocates reconciliation and state settlement with businessmen in corruption cases
The law, which taxes funds set aside by banks to cover potential losses caused by defaulting debtors, was being reviewed by the Central Bank.
The IMF expected Egypt’s GDP to grow 2% over the next year as opposed to 2.2% in 2012
SCC: Certain clauses in the law do not set out criteria to govern authorities’ actions
Economy experts and analysts describe government as ‘compliant’ with IMF rules
Onsi and Nasef Sawirs removed from travel ban list
The announcement comes after the ministry collected an additional EGP 143bn in taxes over the last several months
350 post offices set to join in ‘Participate’, the country’s new electronic tax payment system
The agreement stipulated that the United States Agency for International Development (USAID) provide Egypt with $190m of the $450m of aid it is expected to receive from the United States.
‘Based on difference in buy and sell prices’, not all investors involved in the deal will pay the tax
Taxi drivers blocked the 6th of October Bridge in Cairo in protest of new tax and lack of security
The air of ambiguity surrounding Egypt’s receipt of the IMF loan provides a distraction from what the loan is really about, and the clandestine nature of the negotiations goes a long way towards substantiating the true objective of the loan. For the sake of dodging bouts of public rage in times when they’re as frequent …
Drops of tax “reforms” have been percolating from the cabinet to the public over the past few days, leaving the latter surprised, bewildered and anxious as to what’s yet to come. Wednesday the government approved a progressive income tax and variety of taxes on the securities market. Yesterday, a one per cent bump in sales …
Uncertainty in securities market over effect of new regulations
By Hend El-Behary A wave of condemnation from Egypt’s main cellular carriers Mobinil, Vodafone and Etislat followed Finance Minister Momtaz El-Saeed’s unexpected suggestion to impose per minute taxes on mobile phone calls last Monday. El-Saeed declared the ministry is studying the feasibility of a one piastre per minute fee on every mobile phone call as a …
Mobile tax, a new burden on the average citizen!?
“I see the future as very black”, says a 55-year-old worker
Half of real estate tax revenues will be directed to bridging the budget defici
Egypt’s Tax Authority (TA) hopes to increase tax revenues to EGP 230 billion, according to newly appointed chairman Mamdouh Omar. The TA plans to promote new leadership to ensure justice within the body, Omar told a meeting with heads of regional bureaus and managers of different departments on Monday. According to commentators, taxation in Egypt …
Hundreds demonstrate in front of Netanyahu’s house, protesting economic policy and tax hikes