Latest in Tag: VAT Highlight
Latest in Tag: VAT
IMF agreement to pave way for economic reform: CI Capital deputy CEO
Another devaluation of the Egyptian pound will be necessary to reflect its true value post-IMF deal
Promises of reform: a story that could end happily, or in disaster
Prime Minister Sherif Ismail and the government have promised a litany of political and legislative reforms that would be implemented in the short term to develop Egypt’s economy and pull it out of its poor state. Debates over the Civil Service Law, the value-added tax, the investment law, as well as the budget deficit, trade …
Rasmala Group’s AUM stood at $1.1bn in December 2015: group chief executive
Rasmala to expand real estate business in the Middle East and other international markets
CBE expected to increase interest rate by 1% on Thursday
High inflation, application of VAT would raise Egyptian pound’s interest rate by 2% by the end of 2016, says analyst
VAT implemented starting Friday: Finance Ministry
A three-month transition period will be applied to allow companies to adapt to the new tax
Application of VAT will be both positive and negative: Moody’s
Moody’s most recent report on Egypt says that the government will most likely fall short of its targeted budget deficit due to “slippages in revenue targets”
Political parties, NGOs reject parliament’s approval of VAT
The value-added tax was approved by parliament in late August, and was set at a rate of 13% for the current fiscal year
Al-Sisi meets Ismail, Social Solidarity Minister to discuss struggles of low-income citizens
Meeting was held 2 days after parliament approves VAT, which will add financial burden on citizens
In Cartoon: The value-added tax threatens to cut off the hands of Egypt’s citizens
Approval of the VAT is a historic achievement: IMF
Change in national tax code will affect all portions of society, unless explicitly exempted
VAT revenues to register EGP 18bn, exempting 57 services and goods
Parliament voted on the value-added tax (VAT) draft law for the second day in a row on Monday. Yasser Omar, head of the parliament’s Planning and Budget Committee, noted that voting takes place on each of the 74 articles of the bill separately. A prominent member of parliament, who requested to remain anonymous, said that …
MPs refrain from voting on VAT bill, likely to be referred to Disciplinary Committee
MPs demanded that the electronic voting system be used to reveal each member’s stance on the bill
VAT, depreciation of Egyptian pound could increase real estate prices by 15%-20%
Real Estate Investment Division demands reducing VAT rate on construction contracts from 5% to just 4%
GB Auto business unlikely to be impacted by VAT: Ghabbour
Banks allocated just 5% of foreign exchange for company’s needs during Q2, says managing director
Finance Ministry denies claims that VAT will affect prices of petroleum products
VAT exempted goods will include all essential goods and services, says Ministry of Finance
Government exempts more goods from VAT to grasp parliament approval
International education, medicine, and special needs cars are added to the list; discussions to continue next week, say sources
Parliament’s Budget Committee leaves VAT rate to the public session
Parliament’s Budget and Planning Committee has decided to leave setting a value-added tax (VAT) rate to the public session for discussion and vote. Yasser Omar, a member of the parliament’s Budget and Planning Committee, said that the committee’s report will be put up for discussion in a public session without a recommended rate. The original …
Government committed to 14% VAT, parliament will understand: Prime Minister
Egypt’s rich are able to provide their needs easily and have to take on more, says Sherif Ismail
Inflation to increase to 15-16% by end of September after electricity price rise
Decrease in poultry prices limited the increase in the inflation rate in July, says CAPMAS
Parliament agrees with Finance Minister to pass VAT in exchange for imposing another tax
Elswedy is negotiating with the Industry Ministry to expedite allocating lands for free as well as their usufruct right
IMF deal would be credit positive for Egypt: Fitch Ratings
Government is explaining the importance of the loan to parliament, not concerned about high US dollar exchange rate, says finance minister
Inflation rate likely to rise next year: experts
Egypt’s core inflation rate climbed to its highest level in seven years in June, underscoring the challenges confronting the government as it grapples with a foreign-currency crunch. Annual core inflation, which excludes volatile items such as food, reached 12.3% in June, up from 12.23% in May and the highest since February 2009, according to the …
Private sector demands government to reconsider VAT draft law
Ministry of Finance is targeting to collect EGP 31bn through imposing the VAT within the framework of targeting a budget deficit of 9.8% by the end of the current fiscal year
Car prices on the rise by 2-7% alongside application of VAT
AMIC chairperson demands that the government issue the executive regulations of the VAT law to prevent unreasonable price rises A
VAT: the lifeline to escape from budget deficit
90% of food commodities are exempt from VAT, says Finance Minister
Parliament demands submission of general sales tax law data to compare with VAT draft law
Detailed statement on the goods and services subject to the present law and the ability of the body responsible for implementation: sources
VAT is essential for state revenues
90% of food commodities are VAT-exempted, according to Finance Ministry
VAT draft law to be sent to parliament within days: Finance Minister
The goal is a simplified tax system for small businesses without additional burdens
Egyptian government bets on alcohol, cigarette tax to fill budget deficit
Goods and services tax constitutes 46.5% of total tax revenues
Banking services exempted from VAT, banks call for further clarification
Previous disputes between banks and the Egyptian Tax Authority on the definition of banking services are behind banks’ unwillingness to abide by VAT, says FEB adviser