Egypt’s PM Madbouly Oks new income tax payment facilities

Egypt’s Finance Minister Mohamed Maait said on Sunday Prime Minister Moustafa Madbouly has approved paying the due income tax for 2019’s statements in installments until 30 June without imposing fines or postponement fees.

The action covers aviation companies and the tourism and antiquities sector, including its cafes, restaurants, hotels and other touristic establishments, in addition to the manufacturing sector, especially export companies, and the press and media sector, according a statement.

The action excludes food, healthcare, medical supplies, sanitisers, transport companies, auto distributers, hospitals, the construction sector, telecommunication and programming companies affected by the COVID-19 outbreak.

It also rules out sports clubs and other entities in the sports field.

The minister said that the decision is in line with President Abdel Fattah al-Sisi’s directives to support the economic, production, and service sectors that are negatively affected by the COVID-19 outbreak.

For the new income tax facility, Maait expounded that all companies that are affected by the COVID-19 outbreak will pay 20 percent of the due income tax in April, 30 percent in May, while the remainder 50 percent will be paid before the end of June without fines.

He said that the decision aims to maintain the production cycle and help these sectors recover soon.