Egypt MOF Announces Second Tax Facilities Package for Businesses

The Egyptian Ministry of Finance Dec. 15 announced a second tax facilities package for businesses. The package includes measures to: 1) continue the simplified and integrated tax system for business activities with annual revenue up to 20 million Egyptian pounds (US$422,066); 2) introduce a high-compliance whitelist, allowing VAT refunds within one week; 3) exempt dividend distributions of Egyptian subsidiaries owned by resident holding companies; 4) allow both the lump-sum and proportional tax systems, for fiscal years 2023 and 2024; 5) apply stamp tax instead of capital gains tax, and provide three years of tax incentives to promote exchange listing; and ...