The Unified Tax Act’s draft executive regulations is being rejected by a majority of the Federation of Egyptian Chambers of Commerce, with more than 70 percent of their members objecting against the regulations, stating that it does not bring anything new to table.

The draft regulation only cancels some articles and created others by simply changing numbers and figures, said a report by the federation that Al-Watan obtained.

The Unified Tax Act includes the creation of a single tax platform that would modernize the tax administration and its offerings, and encourage the integration of informal businesses to the official economy.

Hatem Abdel Ghaffar, President of Kafr El-Sheikh Chamber of Commerce said that the regulation did not take into account the gradation in punishment or differentiation between the categories of financiers, in the first place it equated between the micro financier whose capital sometimes does not exceed LE 10,000, and the large financiers who deal in billions of pounds.

He further explained the need to reconsider the law, particularly in its penalties, and to devise a legislative amendment in favor of small financiers.

The Egyptian Tourism Federation, the Egyptian Federation of Investors Associations, and the Federation of Egyptian Industries are among those giving their comments.