Arab Finance: The Egyptian government will soon approve a simplified tax system for small and medium-sized enterprises (SMEs), entrepreneurs, and professionals with up to EGP 15 million, Minister of Finance Ahmed Kouchouk announced.
The initiative covers a range of incentives, exemptions, and simplifications across income tax, value-added tax (VAT), stamp duty, and state resource development fees.
He also added that the first package of the tax facilities would resolve and ease several challenges facing taxpayers, paving the way for a new relation of trust between the business community and the Egyptian Tax authority (ETA).
In December, Kouchouk pointed out that the ETA prepared the sample audits for all taxpayers in various tax centers, offices, and areas.