A Brief Outlook Over Recent Tax Changes in Egypt - ???? ?????? ?????? ??? ????????? ???????? ?? ??? ???? ?????? ???????

This article is provided in both Arabic & English.

A Brief Tax Outlook Over Egypt During the Period From 2017 to 2020

As 2020 is coming to an end, with all unprecedented challenges the whole world has suffered from economical & investment perspectives, and specifically the Egyptian economy during the fight against COVID-19 spread & impacts, from a strategic lens it was necessary to take a moment to recognize and look back at the latest introduced legislation & regulations which have strong impact on the Egyptian economy & tax environment as first steps towards Egypt 2030 future plan.

In the recent couple years, in particular 2020, the Egyptian Ministry of Finance has published a various number of tax & finance regulations, a brief look at the most important legislations from the author’s personal perspective is listed below in a descending order by year: -

1.     Customs Law (number 207 of FY2020)

2.     Tax Procedure Law (number 206 of FY2020)

3.     Egypt E-invoice Regulations (number 188 of FY2020)

4.     Tax Amnesty law - renewal (number 173 of FY2020)

5.     Income Tax law amendments (number 26/144 of FY2020)

6.     Solidarity contribution law – COVID19 (number 170 of FY2020)

7.     Social insurance & Pension law (number 148 of FY2019)

8.     Electronic Filing returns guidelines/regulation “VAT/CIT” (FY2018-2019)

9.     Transfer Pricing & Country-By-Country Reporting guidelines (FY2018)

10.  E-Payments regulations “E-finance” (number 269 of FY2018)

11.  Governmental Medical Insurance law (number 2 of FY2018)

12.  VAT Law executive regulation (number 66 of FY2017)

13.  Customs Unified Declaration “SAD” (number 40 of FY2017)

14.  Investment law (number 74 of FY2017)

In light of the recent tax structure changes, tax professionals whether are in-house or external advisors are becoming a crucial element of the business strategy to coup, benefit and stay in a compliant position, not by far at the domestic arena but extended to include the recent international tax developments, whereas the Organization for Economic Co-operation & Development “OECD” has setup a world wide agenda to protect against Base Erosion and Profit Shifting “BEPS” project, whereas a 15 action plans are proposed to support the project, additionally, Multilateral Agreements are required to go into effective, to modify current bilateral agreements by the contracting states.

Pleased to have your feedback/comments if any.

Source: Ministry of Finance

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