Look into LAW NO. 173 FOR THE YEAR 2020 TAX PENALTY WAIVER LAW IN EGYPT
On August 16th,2020, the Government of Egypt issued Law No. 173 For the Year 2020. The law was issued to waive penalties for delayed tax payments and interest on tax differences and penalties for delayed payments.
The law will come into effect implement on the following:
– Customs
– Stamp Duty Tax
– State Resource Development Fund
– Sales Tax
– Value Added Tax
– Real Estate Tax
The law will be implemented as follows:
– 100% of penalties for delayed tax payments and interest on tax differences and penalties for delayed payments will be waived if all tax differences have been paid before the issuance of this law.
– 90% of penalties for delayed tax payments and interest on tax differences and penalties for delayed payments will be waived if all tax differences are paid within 60 days of the issuance of this law.(October 15, 2020)
– 70% of penalties for delayed tax payments and interest on tax differences and penalties for delayed payments will be waived if all tax differences are paid within 60 days after the end of the period stated in the point above.(December 14,2020)
– 50% of penalties for delayed tax payments and interest on tax differences and penalties for delayed payments will be waived if all tax differences are paid within 60 days after the end of the period stated in the point above.(February 12,2020)
The law does not enable tax payers to request refunds on previously closed tax disputes in which delayed payment penalties and interest on tax differences and delayed payment penalties.
