CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. 13 Percent VAT Confirmed For Egypt

13 Percent VAT Confirmed For Egypt

by Lorys Charalambous, Tax-News.com, Cyprus

01 September 2016


Egyptian lawmakers have agreed to the introduction of a value-added tax regime with a 13 percent headline rate from the 2016/17 fiscal year.

The rate is to rise to 14 percent from 2017/18.

In May, Egypt's Finance Minister disclosed that 52 goods and services will be exempt from value-added tax. This list reportedly includes basic foodstuffs. Businesses targeting tourists, including restaurants and hotels, will not be subject to VAT also.

Certain companies operating in the natural resources sector will be exempt, as will banks, although further clarification on the taxation of these sectors is expected. Education, scientific research, and religious organizations will also receive exemptions.

The long-awaited introduction of VAT is a key part of plans to significantly reduce the nation's budget deficit, which is expected to reach about 11.5 percent of gross domestic product this year.

TAGS: tax | law | budget | food | Egypt | services | Education | Education

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »