Egypt’s Finance Minister Mohamed Maait announced on Tuesday that the ministry will suspend impounding for taxpayers who do not submit the appeal on their tax estimations within the legal due time.
In an official statement on Tuesday, Maait said that the move comes upon directives from President Abdel-Fattah El-Sisi to boost support for the business community during the coronavirus crisis by providing new facilitations to help fast-track the settlement of tax disputes.
That facilitations are provided for income tax and the value-added tax.
He added that the ministry will suspend impounding for taxpayers who are overdue on their tax arrears payments on the condition that the taxpayer pay 5 percent of the arrears value. The ministry will allow them to pay the remaining amount in installments over at least two years.
The minister asserted the state’s willingness to support the production cycle to maintain gains generated through Egypt’s economic reform program.