A new system for calculating taxes on employees and wage earners in Egypt

Reda Abdel Qader, Assistant Minister of Finance for the Egyptian Tax Authority, confirmed that the system of unifying the foundations and criteria for calculating the wages and salaries tax is one of the development and mechanization projects witnessed by the authority, which is being implemented quickly in implementation of the directives of the Minister of Finance, pointing to the start of the trial operation of the system 15 years ago. This December, by applying to a number of financiers.

Mukhtar Tawfiq, head of the Egyptian Tax Authority, said that the system for unifying the bases and standards for wages and salaries tax is based on establishing a unified platform through which taxes due on the salaries and entitlements of workers in all sectors of the national economy are calculated electronically, noting that the application of the system for unifying standards for calculating wages and salaries tax It achieves many benefits for the financiers in the short term, as well as in the long term, explaining that the benefits that will accrue to the financiers after the application of the system in the short term are represented in facilitating the procedures for calculating the wages and salaries tax in addition to ensuring the accurate calculation of social insurance and comprehensive health insurance in all different sectors in Egypt, and verifying the validity of the elements and items of wages and salaries in a way that ensures the accuracy of the data, and the ease of issuing a statement of the elements of wages and salaries for employees through the system, adding facilitating the audits of certified accountants and financial auditors for the purposes of preparing financial statements, and improving the transparency of data to benefit from the efficiency of the decision-making process on the part The financier, as well as assisting the financier in preparing quick and accurate reports and analysis for the purpose of supporting the fund m decision making.

Regarding the benefits that will accrue to the financiers from applying the system of unifying the bases and criteria for calculating the wages and salaries tax in the long term, the head of the Egyptian Tax Authority explained that the system helps facilitate the process of preparing and submitting tax returns, reduces the administrative burden, reduces the cost of transactions and the need to archive paper documents, and reduces the need To tax examination through prior verification of data received from the financier, with the possibility of remote examination, achieving tax justice among all categories of the tax community, and increasing transparency and clarity in the bases for calculating salaries and exemptions for all categories.

He pointed out that the Egyptian Tax Authority is providing the necessary technical support and all means of assistance to companies participating in the trial operation phase of the system to help them integrate with it easily.

Social Share

59,156FansLike
6,273FollowersFollow
5,805FollowersFollow

Newscast