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Capital gains tax continued to be suspended until 2020: Finance ministry - Daily News Egypt

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Capital gains tax continued to be suspended until 2020: Finance ministry

Collecting government electronic payments is mandatory for governmental agencies’ customers as of January


The Ministry of Finance stressed, during a Thursday statement, the continued postponement of the capital gains tax on the stock market transactions for a period of three years until 2020, in accordance with the decisions of the Supreme Council for Investment and the provisions of Law No. 76 of 2017.

The statement emphasised the authorities’ keenness to stabilise fiscal, taxation and customs policies to both encourage investors and increase investments, reaffirming the governmental efforts to enhance the economic environment.

“There is no intention to reconsider this file in the context of the stable economy policy supported by the state at the moment,” mentioned the statement.

The finance ministry is preparing for applying the collection government’s financial payments electronically as a mandatory system for customers with various government agencies to pay the financial dues of more than EGP 100,000 in one of electronic payment means as of early January 2019.

“This new system is a new achievement for the future of the Egyptian economy and means that we are taking a steady step ntowards transition from a cash society to an electronic society. The Egyptian economy is based on modern technologies that lead to hikes of growth rates,” mentioned the statement.

 

The statement pointed out that the ministry is ready to finalise the equipment and mechanisms for the implementation of this new system through the issuance of electronic cards and the construction of infrastructure of internet lines and modern technological means and the provision of electronic devices in various government agencies.

The statement added ethat the ministry is working on provision tof point of purchase’s (POS) machines throughout the government as well as starting training its employees on the use of the new electronic system and providing an appropriate working environment.

Additionally, the Tax Authority has recently started the trial of receiving electronic filling and providing all the information required to benefit from this advanced mechanism, which makes it easier for financiers and registrars as e-filling will be obligatory as of the first of October.

 

Meanwhile, the ministry stressed it has exerted efforts to modernise and automate the work cycle of the Tax Authority and introduce the modern electronic mechanisms applied by the world’s leading countries.

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