Finance Minister Approves Settlements In Tax Evasion Cases

The Minister of Finance Momtaz El-Saeed approved the settlements in tax evasion cases in August. Mahmoud Faizi, head of Anti Tax Evasion Sector, said a report with the number of tax evaders for this month was submitted to the Minister to approve the settlement of the current disputes. The number of tax evasion cases is 76 and the value of dues as a result these settlements is 19.216 million, while it reached EGP 8.352 million in July, with an increase of 56%.

Faizi added that reforming the tax system is considered a top priority in the current period. The Egyptian Tax Authority will cooperate with the Ministry of Interior in carrying out extensive inspection campaigns all over Egypt to combat tax evasion, which will in turn increase the state’s revenues and decrease the budget deficit.

The Egyptian Tax Authority received EGP 138.5 million after settling 956 tax evasion cases as evaders paid the taxes in addition to evasion penalties for the FY 2011/2012.