_1777352142843_145525226.png&w=64&q=75){kind=small}
Changes to Income Tax Law Article 18
Rasha Abd El Al, Head of the Egyptian Tax Authority, stated that the repeal of Article 18 of the Income Tax Law in the recent amendments aims to eliminate the legislative basis for issuing instructions regarding net profit ratios, estimation-based accounting, and presumptive accounting. This move is intended to reinforce reliance on electronic and documentary audits. This measure is part of the state's plan to transition to a tax system based on digital data, with expanded implementation of the electronic invoice and receipt systems. The new regulations will apply to tax periods for the year 2027 and earlier, with digital records becoming mandatory starting from 2028. Additionally, the obligation to use presumptive accounting will be removed, and all taxpayers will be required to maintain organized record-keeping. Furthermore, incentives will be provided to small projects with a turnover of less than 20 million Egyptian pounds to facilitate their integration into the formal system.
Notice: This Is an AI-Generated Summary
Comments (0)