Daily News Egypt

VAT revenues to register EGP 18bn, exempting 57 services and goods - Daily News Egypt

Advertising Area




Advertising Area




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 …


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 the law will be effective starting early October, following penning the bylaws through September.

He added that revenues expected after imposing the law will reach EGP 18bn—a decline of EGP 14bn compared to the revenues targeted with a 14% VAT baseline rate.

Parliament yesterday approved a VAT baseline rate of 13%, which would increase to 14% in the next fiscal year.

The MP told Daily News Egypt that advertisements have been added to the VAT exemption list, boosting the number of services and goods exempted from the tax to 57.

Among these services exempted from the tax are special needs vehicles, medicines, education services, and healthcare services. Advertisement services will still fall under the current 20% tax.

 

Advertising Area



https://cdn1.dailynewsegypt.com/2016/08/29/vat-revenues-register-egp-18bn-exempting-57-services-goods/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe