On 7 May 2020, the Egyptian President Abdel Fattah El-Sisi has approved Law 24 of 2020 regarding some financial rules in response to COVID-19 pandemic, along with other decisions that include important facilities regarding the real estate tax, income tax and pensions. The main tax measures of the Law are:
- Extending the deadlines for submitting the tax returns that must be filed during the pandemic period, or extending the deadlines for paying all or part of the tax due in accordance with the provisions of the Income Tax Law or the Value Added (VAT) Tax Law or both for a period not exceeding 3 months, renewable for another similar period, and that for funders or registered in the economic, production, or service sectors affected by the consequences of the pandemic;
- Postponement of the payment of all or some of what ‘s worth of tax built for real estate not exceeding 3 months, renewable for a similar period for each or some licensed real estate actually used in economic sectors or productivity or services affected by the repercussions of the pandemic;
- Postpone the payment of installments or all or some worthy contributions from comprehensive social insurance worker’s share and share amounts established without additional expense for a period not exceeding 3 months, renewable for a similar period.
The measures of the Law entered into force as of 31 March 2020.
