Latest news with #EgyptianTaxAuthority
Zawya
4 days ago
- Business
- Zawya
Egypt: Cabinet approves commemorative coins, backs e-tax contract to enhance tax services
Arab Finance: The Egyptian cabinet has approved two draft resolutions authorizing the issuance of non-circulating commemorative silver coins to mark major national milestones, as per a statement. A 25-pound silver coin will be issued to celebrate the 25th anniversary of the Ministry of Communications and Information Technology, while a 50-pound coin will commemorate the golden jubilee of Zagazig University. The cabinet also approved the Egyptian Tax Authority's (ETA) contract with e-tax, a technology company specializing in tax solutions. Under the agreement, e-tax will provide technical support services and develop applications in line with the authority's operational mandates. In the energy and manufacturing sectors, the cabinet approved the Egyptian Petrochemicals Company's contract with the Arab Organization for Industrialization's (AOI) engine factory to supply components for tanks and heat exchangers used in control units. The factory was selected due to its specialization and capacity to meet the required specifications and efficiency standards. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
22-05-2025
- Business
- Zawya
Egypt says no plan for tax hikes
Egypt has reassured citizens and investors that it has no plans to increase income taxes and value added. The Egyptian Tax Authority (ETA) said it was reacting to media reports that it intends to raise value added rates and abolish exemptions on taxes on basic food commodities. ETA said in a statement published on Tuesday that it is not considering any new taxes that could increase food prices that will increase the burden on citizens. 'The Tax Authority emphasises that supporting the national economy is a top priority for the state, which is primarily based on achieving sustainable economic and social development and providing a strong social safety network,' the statement said. 'This commitment is evident in the stability of the current tax policy and the absence of any plan or intention by the Authority to impose new tax increases, whether income taxes or the general rate of value-added tax,' it added. ETA said it remains 'fully' committed to enhancing tax policy stability, with the aim of supporting government efforts to attract more investments and stimulate growth. 'ETA wants to emphasise the importance of protecting the interests of taxpayers as well as vulnerable groups and low-income groups,' the statement said. 'In this context, the Authority categorically denies reports circulating in some media outlets regarding any intention to increase the general value-added tax rate or cancel exemptions for basic food commodities," it said. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
21-05-2025
- Business
- Zawya
Egyptian Tax Authority denies plans for additional hikes in tax rates
Arab Finance: The Egyptian Tax Authority (ETA) confirms no intentions to raise tax rates or revoke existing exemptions on essential food commodities, according to a statement by Ministry of Finance. The authority is keen on maintaining the current tax policy framework while attracting further investment. It also denied plans for new hikes in income tax or the standard rate of the value-added tax (VAT). Finally, ETA called on all media outlets to ensure accuracy and to consult official and verified sources before publishing or circulating any information related to tax policy. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
21-05-2025
- Business
- Zawya
Egypt's ETA dismisses VAT hike claims, reaffirms food exemptions
The Egyptian Tax Authority (ETA) has reaffirmed its commitment to a stable and predictable tax policy, underscoring efforts to attract investment, drive economic growth, and protect low-income and vulnerable segments of society. In an official statement issued on Tuesday, the Authority denied recent media reports suggesting plans to raise the general value-added tax (VAT) rate or revoke existing exemptions on essential food items. It stressed that no changes are planned for these critical goods, which are central to citizens' daily needs. The ETA also highlighted ongoing initiatives to build trust with the business community, including the implementation of tax facilitation measures designed to enhance transparency, simplify procedures, and encourage formal economic participation. Reiterating its support for national economic priorities, the Authority emphasized the importance of sustainable development and a robust social safety net. It confirmed that there are no current plans to increase income tax or the general VAT rate. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
CairoScene
16-05-2025
- Business
- CairoScene
Tax Units Introduced in Egypt to Ensure Business Compliance
These measures aim to create a more investor-friendly climate and provide support for Egypt's small and medium-sized enterprises. May 16, 2025 The Egyptian Tax Authority (ETA) has introduced specialised units aimed at improving the business climate and streamlining tax processes. These units include investor support, advance tax rulings, and tax complaints, designed to provide tailored assistance and clear guidance to businesses. The initiative is part of a broader effort to create a more transparent and efficient tax system. These reforms build upon previous advancements such as electronic tax returns and e-invoicing systems. The new units are expected to further simplify procedures and enhance responsiveness to investor needs. Additionally, a simplified tax system has been introduced for businesses with annual revenues up to EGP 20 million. This system offers exemptions from past tax liabilities for those enrolling by August 12, 2025, and calculates income tax as a fixed percentage of turnover, eliminating the need for complex bookkeeping. These measures are anticipated to foster a more investor-friendly environment and support the growth of small and medium-sized enterprises in Egypt.
