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The main features of the new Egyptian law no. 91of 2005:
The Egyptian Government has announced for a new tax law within a package of economic reform in order to promote the Egyptian economy. Now the provisions of the mentioned law are being discussed before the People Assembly. The main features of the law are:
- Reduce the tax rate from 42% t0 20% for individuals and legal persons.
- Accepting the income tax return that is prepared by the taxpayer based on the principle of self-assessment.
- The tax audit process will be conducted on a scientific sample basis not on admonition tax audit.
- Increase the personal allowance with regard to salary tax imposed on income derived from salaries and wages.
- Wave out all tax exemptions that were stated in previous tax law, except certain activities that are mentioned in the law.
- The law states in its provisions to tax amnesty with regard to the taxpayer who should have not been registered, have not filed a tax return and have not been subjected to any form of tax auditing by the General Tax Administration or the Sales Tax Administration.
- All the tax suit cases that were being presented before the courts before 1st of October, 2004 with an annual disputed amount not more than LE 10,000 will be terminated.
The Minister of Finance decree no. 324 of 2005 with regard to the performing the grievances committees that are mentioned in the executive regulation the sales tax law issued on 4/5/2011
The Minister of Finance decree no. 378 of 2005 with regard to the performing of the conciliation committee at the customs tax center to recognize with regard to the sales tax disputes issued on 28/5/2005.
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