Investors Want to Pay Tax!
- By Ashraf Kabil

From my follow-up of general opinion in the field of finance and business by virtue of my relationships with the many and scattered in different
economic sectors from Alexandria to Cairo to Hurghada to Sharm El Sheikh and Luxor and the big industrial cities from October City to Obour City to 10th of Ramadan City.

The sectors of tourism, industrial, commercial and all sectors mentioned before, confirmed that after January 25 investors want to pay taxes. But the fear of tax-checking is the main obstacle. The reason, in my opinion, is because the Ex Ministry of Finance announced in the media, the fair method of checking taxes but the tax checker does the opposite way.  What proves this, is what has recently been done in a tax-checking sample for the year 2005. When the tax-checker turned over the tax-payments for businesses by calculating 20% from the net profit for tax-payers who approved expenses with tax invoices.

This led the tax community to be resentful, therefore, there is no single committee to approve one tax file sample for the year 2005 at all. This sense of the investors is a part of a general feeling of resentment like the millions of demonstrators in Tahrir Square refusing the Ex-president but through the rejection of collective and unified for all tax files for the approval of any internal committee in 2005.

Is this not a referendum on the collective error tax-checking? It looks like a tax revolution. Let’s repeat what we have said before 25 January; to accept the tax when the tax-payer accept tax-checking sample is the success of the tax system.

The question is how we get the approval and acceptance of the tax-payer community. Through chambers of commerce and chambers of tourist facilities and associations of various taxes and the division of practitioners admitted to trading... and various associations such as the Federation of Building and Construction... and the Federation of Industries, so if they approved the tax-checking sample that means it is an implicit approval of the tax community. So to refer to the profit indicators for the various activities and to be approved by the chambers of commerce and federations mentioned before is a quick way to make tax-checking sample can be accepted from tax community at the moment until we can prepare our tax declaration by tax invoice.  Also if the Ministry of Finance wants to achieve significant tax proceeds to accelerate tax-checking in a different solution and review the previous sanctions in fines and represented in the figures have doubled the number of the tax-payments. When the ministry of finance gets interest on the approvals on the screening committees, a pointer to the tax community to accept the tax system... And thus will increase the proceeds either in the tax returns or differences in the tax examination

Investors want to pay taxes, and direct foreign investments, particularly in tourism always proves that Egypt, despite all the events of the areas prominent indicators of tourist attractions through nature, sea, nice unique weather and through the economic system and the new tax would be an attractive area for investment.

Locations/Phone Numbers:

• Apartments 115/116 1st floor, Shrouk Hadaba Building (El Mandara), beside Calypso, Hurghada, Red Sea
  Tel.: (002) 065 345 3108-9 or (002) 012 574 5678
• 25 (A), El Obour Buildings, Salah Salem Street, Cairo
  Tel.: (002) 022 401 1532
• City Stars October, Tower 1, 3rd floor, Apartment 12, October City
  Tel.: (002) 023 835 8511
• Building 398 in front of Jasmine Center,  the first round, El Obour
  Tel.: (002) 024 478 8882
• 4 Mostafa Kamel Street, from Fesal Street, El Taawon Station, Giza
  Mobile: (002) 010 290 2290

Taxes Consults :   0125745 678    -    0129686 111    -    0129686 222     -    0129686 333

www.taxexpertsgroup.com
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