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Egypt Consulting on Draft Consolidated Tax Procedures Law

On 17 February 2019, the Egyptian Ministry of Finance released a draft consolidated tax procedures law for public consultation. The law is meant to simplify and unify procedures governing various rights and obligations of taxpayers and tax inspectors in relation to tax registration procedures, tax returns filing, tax audit, tax collection, tax appeals procedures, and judicial procedures for tax crimes. Some key points include:

  • The draft law sets the Arabic language as the official language for various tax requirements under the rules in force. Documentation in other languages should be translated into Arabic by taxpayers.
  • The draft law would remove professional secrecy with respect to requests formulated by tax inspectors to receive registers and other relevant documentation held by professionals, fund managers, etc.
  • Taxpayers may apply for a binding tax ruling, with the tax authority to process such request within 60 days.
  • Any entity undertaking transactions with related parties should provide the tax authorities with three-tiered transfer pricing documentation by the following deadlines (previous coverage):
    • Master file: no later than 2 months from the date of filing by the parent entity of such master file in its jurisdiction of residence;
    • Local file: no later than 2 months following the filing by the Egyptian taxpayer of its annual tax return; and
    • Country-by-Country report: within one year following the close of the reporting year.
  • Electronic signature will be required to authenticate electronic filings of tax returns.
  • The annual corporate tax return should be filed within 4 months following the closing date of the financial year.

The public consultation will close on 7 March 2019. Additional details will be published once available.

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