Egypt to establish Supreme Council of Taxes

Doaa A.Moneim , Monday 25 Mar 2024

A presidential decree establishing the Supreme Council of Taxes was issued on Monday, Minister of Finance Mohamed Maait announced.

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(Photo:Al-Ahram)

 

The council will be chaired by the prime minister, with membership from the industrial, commercial, and investment circles. The council will also include representatives from the business community, tax associations, accountants, and university professors in the economic, financial, and tax fields.
The new council is meant to empower the private sector, stimulate investment, and encourage investors to expand their productive and export activities, Maait added.

It will also raise growth rates by increasing the contribution of the private sector in comprehensive and sustainable development, he noted.

Council members will be able to participate in tax policy-making and monitor its implementation through more effective and sustainable institutional mechanisms, Maait said.

“All state agencies are committed to implementing the decisions and recommendations of this council, which has the power to establish a more advanced and investment-stimulating tax system in a sustainable manner,” Maait stated.

The council will work on regulating the relationship between investors and the state in the tax field, studying tax legislation projects, their executive regulations, and tax-related issues presented by the cabinet.

Furthermore, the council will work on improving the efficiency of the tax administration, promoting tax neutrality, and voluntary tax compliance in paying the state treasury's dues, in addition to receiving complaints from the tax community to discuss them with tax authorities.

Maait noted that the council will examine tax challenges facing the business community and provide appropriate solutions. It will also offer technical support and legal advice to taxpayers.

Through the council, tax authorities will be assisted in preparing tax work guides, which will help raise awareness among taxpayers and other relevant parties about their rights and duties, the minister said.

The council will adopt measures to reduce tax disputes, Maait continued.

The Ministry of Finance, the Supreme Council of Taxes, and the Supreme Council of Investment will coordinate to enhance the use of taxation as a stimulus for economic activity, he added.

The Supreme Tax Council will be responsible for proposing effective mechanisms to address tax arrears and will play a pivotal role in achieving the targeted tax revenues without imposing new burdens, noted Maait. 

He explained that this will be achieved by expanding the tax base and encouraging efforts to integrate the informal economy into the formal one.

The Supreme Tax Council's first meeting will be held in the near future, as stipulated in Law 30 of 2023, which amends certain provisions of the Income Tax Law, and the presidential decree issued to form the council.

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