The new tax facilitation package encourages investment
The successes achieved in the first package, which was aimed at supporting medium and small businesses, especially that this initiative aims to stimulate voluntary compliance, reduce procedural burdens, and create a more flexible and balanced environment in the relationship between the financier and the tax administration
Tamer mohamednosair - • Tax services and everything related to taxes
Tamer Nosir, a member of the finance and Taxes Committee of the Egyptian Lebanese businessmen Association, welcomed the announcement by Rasha Abdel Aal, head of the tax authority during her meeting with the Egyptian-Lebanese businessmen Association that the authority is preparing a package of tax facilities dedicated to large companies inspired by the successes achieved in the first package, which aimed to support medium and small companies, especially that this initiative aims to stimulate voluntary compliance, reduce procedural burdens, and create a more flexible and balanced environment in the relationship between the financier and the tax administration, following the about the observed bias of SMEs at the expense of Therefore, the responses of the leadership of the tax authority about the start of the preparation of the second package of facilities, not only that, but also the opening of the door to propose any facilities required for these companies represents a positive trend to support the business sector.Creating a more flexible and balanced environment in the relationship between the financier and the tax administration
He added that this step comes within the framework of the presidential directives on the need to facilitate procedures for investors and create a more attractive investment climate, as large companies represent the backbone of the Egyptian economy and contribute significantly to tax revenues, employment and GDP, especially that knowledgeable sources within the USCIS explained that the package being studied may include reducing the number of repeated declarations and complex reports installment of receivables He published simplified manuals explaining tax treatments for large corporate transactions.
Nosir explained that the current package of facilities aimed at medium and small companies has succeeded in achieving a positive response from financiers, as the percentage of voluntary commitment has increased and the number of tax disputes has decreased, which prompted the authority to expand the experience to include various segments of financiers, especially large ones.