CAIRO: The Tax Authority sent a copy of its proposed executive statute of the income tax law to major accounting firms, according to its statement.
A final statute is expected to be adopted shortly after discussions between accounting firms and the Tax Authority. Thursday is the deadline for receiving proposals from accounting firms on the statute.
The controversy mainly lies in Article 53 of the income tax law, which relates to taxes on the profit of earnings.
Tax experts anticipate problems in the application of the article, which prompted the Tax Authority to consult with the parties concerned on a proper drafting of the executive statute.
The amendments to the tax law were adopted by the dissolved Shura Council in June 2013.
Originally published in Youm7.