Customs Law
the radical changes in the Egyptian economic system towards the transition to a free system, and the principles that govern that of the market, supply, and demand; liberalizing international trade; opening markets for Egyptian exports; and cooperating with other nations were some of the changes that the new Law, which was established by Law No. 207 of 2020, was intended to address.
The new law aims to improve Egypt’s standing on international measurement indicators in the areas of facilitating international trade, encouraging investment, and doing business, in addition to encouraging national economic projects and facilitating business community, simplifying procedures to improve governance and facilitate business community, facilitating the movement of internal and external trade in achieving the strategic directions of Egypt’s Vision 2030, and improving Egypt’s position on international measurement indicators in these areas. adopting electronic transactions in place of paper ones to streamline processes, improve user experience, and speed up customs release.
The creation of a risk management system and an electronic system for advanced information on products before shipment from the port of export to Egyptian ports are also included in the new customs system. Aside from the fact that the new law has many benefits like the installment of customs tax and speed of customs release with the subsequent review, which leads to Reducing release time and lowering commodity prices, this results in the release of goods without detection or inspection through the green track by the established controls. With harsher penalties for violators, the new law also recognizes electronic papers and signatures
Income Tax Law
The income tax law established by Law No. 157 of 1981 is repealed by this law, provided that the appeal committees established in accordance with the said income tax law’s provisions continue to consider tax disputes pertaining to the years up until the end of 2004, after which the disputes that have not been resolved are referred. In their case, the exemptions for which periods are specified in the aforementioned law remain valid with regard to individuals whose exemption periods started before the effective date of this law, until these periods end, and to the committees established in accordance with the provisions of this law.
Each person shall be exempt from paying all income taxes due and general sales taxes due for the tax periods prior to the date this law enters into effect, as well as any associated penalties, interest, extra taxes, etc., under the following two circumstances:
- First: The person must not have previously been registered, submitted a tax return, or been subject to any form of a tax audit by the Egyptian Tax Authority.
- Second: The taxpayer must submit his income tax return for the last tax period, including all relevant data, and apply for registration with the Egyptian Tax Authority if he has reached the registration limit, before the lapse of one year from the date this law comes into effect, and the exemption lapses if the taxpayer does not regularly submit his returns. tax on his income for the following three tax periods.
About AHG
AHG started a chartered accountant firm in Egypt. During 30 years of business not just in Egypt but in GCC countries, our vision was clear. We are here to support, protect and serve our AHG’s clients.
AHG’s main purpose is to construct a clear and consistent direction for its business. All our services at AHG are motivated by our core belief that: “We Believe in Success”.
In AHG, we maintain an inclusive working environment, where teamwork and relationships matter. This has allowed us to work better together, and to deliver high-quality services to our valuable clients.
AHG is ranked as Top 10 chartered accountant firm in Egypt and is a proud member of Morison Global.
We believe that working with confidence, flexibility, and freedom, go hand in hand with trust and responsibility. Our core values reflect how we work with our clients, to achieve their utmost business goals. Through our highly trained auditors in Dubai and Egypt, we are committed to providing our services to align with our personal and professional integrity and best practices. Our team members embrace their responsibilities, and the use of cutting-edge technologies, for bold expansion in MENA, to build a fresh global brand. We are always a step ahead to pave the way for our client’s success.