Exclusive | Finance Ministry to launch clearing unit for investor taxes

Updated 5/19/2024 10:43:00 AM

Arab Finance: The Ministry of Finance will establish a new unit, dubbed the Clearing Unit, to strike a balance between what is owed to investors and their tax liabilities, Nissreen Lasheen, Head of Investors Support Unit at the Ministry of Finance, told Arab Finance.

On the sidelines of the “Challenges and Opportunities Facing Investors” seminar organized by the British Egyptian Business Association (BEBA), Lasheen added to Arab Finance that the new unit will enable investors to pay their taxes by transferring their share of export subsidies.

Reducing Tax Refund Period

The new unit will also allow investors, either Egyptians or foreigners, to pay taxes to the Egyptian Tax Authority (ETA) by transferring funds owed to any government authority, Lasheen highlighted.

In addition, the unit will streamline the procedures of refunding investors’ taxes to take less than 45 days, which is the currently applied duration for considering tax refund requests, she explained.

According to Lashin, requests will be submitted to this unit online, allowing investors to transmit their financial liabilities from any government entity to the ETA to settle their tax obligations and strike a balance between what they have and what they owe.

She noted that the launch of the new unit is pending the Cabinet’s approval.

On April 8^th, Minister of Finance Mohamed Maait announced that the total number of applicants for the seventh phase of the immediate cash payment initiative to back exporters has reached 1,400 companies since March 10^th.

The minister added then that the country disbursed EGP 54.5 billion to exporting companies since the launch of cash repayment initiatives in October 2019.

On March 6^th, the Egyptian cabinet approved launching the seventh phase of the immediate cash payment initiative to support exporters with EGP 8 billion.