Egypt

Egypt VAT rises to 14%

June 29th, 2017

The Egyptian VAT rate rises from 13% to 14% on 1 July 2017. Egypt introduced VAT in 2016 at 13%.  It replaced a 10% Sales Tax.  The plan had been to raise VAT to 14% in October of this year, but a worsening fiscal environment forced the rise to be brought forward.


Egypt

Egypt early VAT rise to 14% July 2017

January 19th, 2017

Egypt has announced that it will bring forward to 1 July 2017 a 1% VAT rise to 14%. The original plan had been to raise VAT on 1 October 2017. However, the government faces a large deficit. VAT was introduced into Egypt at 13% on 1 October 2016. It replaced the 10% Sales tax. The …


Egypt

Egypt 13% VAT 2016

August 29th, 2016

Egypt will introduce Value Added Tax from October 2016 at 13%. The new rate was voted on in Parliament today. The standard rate will rise to 14% on 1 October 2017 as part of a compromise with the government. VAT to boost economy: The reasons for the consumption tax reform are: Existing 10% Sales Tax leads to …


Egypt

Egypt Parliament VAT rate challenge

August 21st, 2016

A key Egyptian Parliament committee has approved the government’s draft VAT implementation plan for March 2017.  However, it has recommended that the proposed standard VAT rate of 14% be reduced to only 12%. The current sales tax rate is 10%. The parliament will now discuss the potential rate in open debate and a vote by the …


Egypt

Egypt VAT launch Sept 2016

June 28th, 2016

The Egyptian Finance Minister has declared that a full VAT regime will be launched in the autumn. The announcement came as Egypt plans a $3 billion bond to cover its deficit. The implementation of VAT, to widen the government’s tax base, is seen as a key reform to secure the debt. The imposition of VAT, …


Egypt

Egypt VAT exemptions

May 22nd, 2016

As Egypt prepares to introduce VAT following the approval of a revised Bill by the Cabinet last week, the tax authorities have clarified some of the supplies which will enjoy a nil rate or exemption. The new Egyptian Value Added Tax will be introduced at a rate of 10%, as is the existing Sales Tax. …


Egypt

Egypt approves VAT bill

May 17th, 2016

The Egyptian cabinet this week approved a revised bill for the implementation of VAT and the withdrawal of the existing 10% General Sales Tax. The previous bill had been rejected by Parliament. The latest bill will now be sent to the State Council for review, and then resubmitted to Parliament. The introduction of a Value …


Egypt

Egypt votes on VAT

March 27th, 2016

The Egyptian parliament is set to vote on a bill to implement VAT in the country as part of a package to reverse the budget deficit and restart economic growth. The governing party is looking to boost growth from the current 4.2% to 6%, and reduce the deficit from the current 11.5%. Since the overthrow …


Egypt

Egypt VAT 2017

February 11th, 2016

Egypt has confirmed that it will publish its long-expected VAT implementation bill this month. The launch date will be 1 January 2017. The replacement of Egypt’s 10% Sales Tax with a fully-fledged VAT regime is seen as a key reform in the country’s economic revival. The effective double and compound tax on manufacturers with the …


Egypt

Egypt VAT update

February 2nd, 2016

Egypt is expected to shortly issue proposed details of its new Value Added Tax regime to replace the existing 10% Sales Tax. The new VAT system is seen as key to helping the country develop a manufacturing sector to compete with other regional emerging economies such as India and Turkey. Potential highlights of the new …