Minister of Finance, Mohamed Maait, issued the executive regulations of the unified tax procedures law, including new benefits for financiers and taxpayers, defining their rights and facilitating procedures.

Including more than 5 articles on the definition of financiers and taxpayers’ rights at the Tax Authority, the new law aims to streamline and automate procedures for assessing and collecting taxes.

These taxes include income tax, value added tax, state development tax, stamp tax, and other similar taxes, said Maait.

The new law achieves an unprecedented legislative shift, which raises the Egyptian tax administration system to the ranks of developed countries, added the minister.

Under the law, taxpayers can submit their tax returns electronically, aligning with the objectives of the national project for modernizing and automating the tax management system.

Some of the regulations include allowing the taxpayer to view tax records, the identity of the judicial police officer, and attend the field examination, as well as stipulating that they must notify the authority of new additional branches or stores that generate taxable revenues.

Violators of the law can submit a request for settlement in case of missing the notification, registration, or tax filing deadline.

The tax authority will respond to requests for a refund on overpaid taxes within 45 days. A delay interest of 2 percent above the Central Bank of Egypt’s (CBE) credit and discount rate will be applied in case the authority does not respond within 45 days.

Maait explained that the law and its executive regulations contributes to building the foundations of a more modern mechanization and streamlining unified tax procedures.

He added that taxpayers are obligated to submit an application for registration at the Tax Authority, electronic tax declaration, records and books and electronic correspondences, which lead to electronic tax collection.

A unified tax registration number is assigned to each taxpayer, who are required to use it in all transactions, notifications, records, documents, invoices, and any other correspondence in order to contribute to the digitization of tax procedures and strengthen governance, Maait explained.