Amendment of the Income Tax Law ER

On 13 October 2019, the Ministry of Finance issued decision No. 643 of 2019 (the “Decision”)[1] amending the executive regulations of Income Tax Law No. 91 of 2005 (“ITL”).[2] The Decision mainly requires companies (in the exclusion of partnerships) to submit their tax forms for advanced income tax deductions (payroll withholding tax), tax on capital gains, and tax on dividends electronically through the government’s income tax e-portal. The Decision further states that entities subject to Article (59) of the ITL – which include partnerships with capital exceeding EGP 50,000, ministries, public entities and enterprises, associations, free zone projects and several other entities provided in the law – are required to maintain a record of remittances containing all payments made on a quarterly basis, starting from fiscal year 2020/21. As for corporations (private sector companies), the obligation will start from the tax period following the issuance of this Decision.   [1] Ministry of Finance Decision No. 643/2019 amending certain provisions of the Executive Regulations of Income Tax Law No. 91/2005, Egyptian Gazette, Issue No. 228 (cont.) (a), 13 October 2019. [2] Law No. 91/2005 on Income Tax, Official Gazette, Issue No. 23 (cont.), 9 June 2005.