Egypt will introduce a tax relief package to make the tax system clearer and attract more foreign investment, effective next month according to sources. Finance Minister Ahmed Kouchouk and Rasha Abdel Aal, head of the Egyptian Tax Authority, are leading efforts to reduce red tape and focus on high-risk cases for audits, making it easier for businesses. Additionally, the process for tax refunds will be simplified, with expectations to quadruple the number of refund cases. Tax officers will be granted greater authority to expedite refunds, and clear guidelines will be provided to ensure taxpayers are aware of the required documentation in advance. Digitalization will play a crucial role in these reforms, as taxpayers, especially those earning less than EGP 20 million (USD 395 million), will be encouraged to participate in electronic invoicing and receipts. Additionally, there will be no stamp duty fees (an exemption from stamp duty means that businesses or individuals do not have to pay this tax on certain transactions, such as property purchases), and a tax will be charged on profits depending on how much money each company makes. This step is aimed to support small businessesContinue reading "Egypt Unveils Comprehensive Tax Relief Package to Boost Foreign Investment"
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