CAIRO – 26 April 2020: The Egyptian Cabinet approved in principle the proposed incentive scheme to maximize and control the collection of value-added tax "your tax", which includes individual incentives, in-kind and material rewards, and a periodic withdrawal system, for both the merchant and the citizen.
The Cabinet’s statement, Wednesday, stated that this comes in light of what has been confirmed by international experiences and studies that the best solution is always to involve the citizen in reporting transactions and to provide the state with two data sources, the first through the funder and the second through the citizen, so that it can detect evasion.
Through the implementation of the aforementioned plan, the Ministry of Finance aims to improve tax revenue levels, enhance good governance in the field of taxation and public finance, and reach a more just society through systems that ensure that everyone pays their share of taxes, and builds positive trends by engaging citizens with the state.
The Ministries of Finance, Communications, Planning and Economic Development will study the proposal submitted by the specialized consortium to implement the targeted stimulus program.
Thu, Aug. 27, 2020
