Coll 15/4 'Internal Affairs: financial situation' [15v] (30/246)
The record is made up of 1 file (121 folios). It was created in 6 Oct 1937-18 Oct 1944. It was written in English and French. The original is part of the British Library: India Office The department of the British Government to which the Government of India reported between 1858 and 1947. The successor to the Court of Directors. Records and Private Papers Documents collected in a private capacity. .
Transcription
This transcription is created automatically. It may contain errors.
15. Private persons and partnership firms engaged in trade (article 39) pay
no profits tax on the first £E. 100. • i
16. The case where commercial enterprises have made a loss instead oi a
profit is provided for in article 56. French law has been followed in that the
losses of one year may be carried forward to the profit and loss account of the
ensuing year, and if a deficitory position is then still revealed, the same operation
may he repeated up to a limit of three years as against the five allowed in b ranee. ^
17. Unclaimed funds (articles 25-26) are to he forfeited to the State on
completion of the period of prescription. This latter has, apparently, not yet
been fixed; whilst the prescriptive period in the common law is fifteen years, the
Fiscal Commission hesitated between five and ten years, and eventually left the
point to the appreciation of the Government.
18. Turning to the draft Stamp Tax Law. the salient feature which strikes
the reader is that, whilst the last preceding draft Bill went much further than
its title would appear to justify (attributed, no doubt rightly, to the capitulatory
regime), the present one adheres strictly to the lines associated with a stamp tax.
Thus, broadly speaking, it will be applicable to—
(a) Documents and registers of all kinds, whether Egyptian or foreign,
including those in existence at the time of promulgation of the law
should they figure in any kind of transaction after that date
(articles 1 and 8).
(b) Oral contracts recognised by law when invoked in court (article 2).
(c) Advertisements of all kinds (article 3).
The tax will be applied (article 4) by various means, such as stamped paper
supplied by the State, adhesive stamps, apposition of a seal by a special office,
apposition or affixing of a control plate, or any other means indicated by the
regulations. It will be dimensional, graduated, proportional or special (article 5).
The dimensional tax will apply to two sizes of paper. The graduated tax varies
in accordance with certain features of the document subjected to a stamp due.
The proportional tax has percentage for its base. The special taxes are those
varying according to the nature of the document where neither the dimension of
the paper nor a stated amount therein comes into play.
19. All documents upon which the proportional tax falls to be paid (article 9)
must state the value of the agreed transaction which will serve as a basis for
assessment of the tax.
20. The right of disclosure (article 12) is accorded to revenue officers against
all businesses, bankers, merchants, commission agents, brokers, commercial
agents, exchange agents, publicity agents, publishers and printers during the
customary office hours and at the place of business for examination of all books,
registers, securities and all other documents subjected by the law to stamp tax.
21. The dimensional tax (article 25) is applied to documents relating to
personal status, arbitration, compromise, insurance, extracts from official
archives, gifts, undertakings, extracts from commercial books, mandatory powers,
divisions, annuities, petitions, articles of association of all companies, contracts
of cession of profit deriving from property other than real, and sales.
22. Premiums on life, illness and bodily accident assurance pay a propor
tional tax of half of 1 per cent, (article 26). Similarly, insurance premiums on
transport by air, land or water are subjected to a 2 per' cent, tax (article 27) and
to a stamp tax of 10 milliemes (article 39). On all other insurance premiums a
proportional tax of 3 per cent, is due (article 28), whilst half of 1 per cent, is
payable on the capital sum mentioned in annuities or, where no such mention is
made, on an amount equivalent to ten times the annuity (article 29).
23. All banking transactions are subjected 'to a proportional tax of
one-quarter of 1 per mille, with a minimum of 5 milliemes and a maximum of
£E. 25 (article 30).
24. All Stock Exchange transactions give rise to a proportional tax. (r/) All
shares and debentures already quoted on the Bourse at the date of promulgation
of the Stamp Tax Law, or subsequently to be so quoted, will be subjected to a
proportional tax of one-half of 1 per mille (article 31). This will 'be payable
annually by the businesses, companies, communes, provinces or other collectivities
whose shares or stock are quoted on the Bourse. Irregularities in regard to
payment of this tax may lead to a request from the Ministry of Finance to the
Bourse to cease quoting the securities affected. The tax is payable on the total
About this item
- Content
The file comprises telegrams, despatches, correspondence, memoranda, and a booklet relating to the financial situation of the Egyptian Government and the process of fiscal reform.
Included in the file is:
- a copy (ff 20-90) of the booklet 'Projet de reforme du regime fiscal' published by the Egyptian Government, Ministry of Finance, Fiscal Commission
- a letter (ff 104-110) from the Financial Secretary of the Sudan Government on the impact of a reduction in subsidy by the Egyptian Government
The file features the following principal correspondents: HM Ambassador to Egypt and the Sudan (Sir Miles Wedderburn Lampson); the Under-Secretary of State for Dominion Affairs; the Secretary of State for Foreign Affairs (Viscount Halifax); and the Financial Secretary, Sudan Government.
The file includes a divider which gives a list of correspondence references contained in the file by year. This is placed at the back of the correspondence.
- Extent and format
- 1 file (121 folios)
- Arrangement
The papers are arranged in rough chronological order from the rear to the front of the file.
- Physical characteristics
Foliation: the foliation sequence for this description commences at the front cover with 1, and terminates at the inside back cover with 123; these numbers are written in pencil, are circled, and are located in the top right corner of the recto The front of a sheet of paper or leaf, often abbreviated to 'r'. side of each folio. Pagination: the volume also contains an original printed pagination sequence between ff 20-97.
- Written in
- English and French in Latin script View the complete information for this record
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Coll 15/4 'Internal Affairs: financial situation' [15v] (30/246), British Library: India Office Records and Private Papers, IOR/L/PS/12/2767, in Qatar Digital Library <https://www.qdl.qa/archive/81055/vdc_100054085450.0x000021> [accessed 17 April 2024]
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Copyright: How to use this content
- Reference
- IOR/L/PS/12/2767
- Title
- Coll 15/4 'Internal Affairs: financial situation'
- Pages
- front, front-i, 2r:4v, 6r:19v, 91r:121v, back-i, back
- Author
- East India Company, the Board of Control, the India Office, or other British Government Department
- Usage terms
- Open Government Licence