(MENAFN- Daily News Egypt) Rasha Abdel Aal, Head of the Egyptian Tax Authority (ETA), has announced the establishment of a permanent Advance Ruling Unit, marking a significant step in the Ministry of Finance's efforts to promote transparency and facilitate taxpayer and investor support. This initiative, part of a broader suite of tax reforms, aims to streamline decision-making and ensure the consistent application of tax regulations.

The new unit, operating under the direct supervision of the ETA Head, replaces the previous Advance Ruling Committee. Its core mandate is to provide binding decisions on the tax treatment of proposed transactions, empowering investors with clarity and legal assurance in their planning processes. These rulings will help investors prepare comprehensive feasibility studies aligned with tax regulations, enhancing confidence and fostering a stable investment environment.

Abdel Aal emphasized that the unit is staffed with specialized experts in various taxation fields and supported by an integrated digital system. This digital infrastructure enables the seamless submission of applications, document management, and electronic issuance of decisions, ensuring faster processing and minimal manual intervention. The unit's workflow is organized into three phases: preparation, review, and final approval, ensuring meticulous handling of each request.

The Authority is prioritizing services for compliant taxpayers and registered entities, reflecting its dedication to promoting voluntary compliance and strengthening trust-based relationships with stakeholders. Abdel Aal also highlighted ongoing efforts to engage investors through regular meetings and partnerships with business associations and civil society organizations, fostering dialogue and addressing challenges promptly.

This initiative underscores the ETA's commitment to creating a transparent, efficient, and investor-friendly tax system that supports economic growth and development.

MENAFN03122024000153011029ID1108953731