Egypt: Electronic corporate tax returns mandatory for financial services companies

Analysis

Amendment to general income tax law impacts financial services and public sector companies.

On 16 December 2014, the Egyptian President signed, Egypt Law No. 201/2014 which amends the general income tax law, Egypt Law No. 91/2005. As a result financial services and public sector companies have to submit their corporate tax returns and settle the tax due electronically. It is also planned the measure will be expanded to sales tax in the near future. According to Egypt's Minister of Finance, Hany Kadry Dimian ,the aim is to make the tax collection process safer and faster.