By El-Sayed Solyman

Cairo – Mubasher: Egypt's House of Representatives approved the value-added tax (VAT) at a rate of 13% for the fiscal year 2016/17, Ashraf El-Araby, a member of the Economic Committee, told Mubasher on Sunday.

"The parliament passed the third article of the law, setting the rate at 13% for the present fiscal year. It will rise to 14% in the coming year", Al-Araby said.

Earlier, the government suggested applying the long-delayed law at a rate of 14% in 2016/17 to ease the country's budget deficit which is likely to decline 1% under this new law.