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Egypt officially approves new VAT law

Egypt officially approves new VAT law
The Parliament of Egypt - (Photo Credit: Arabianeye-Reuters)

Cairo - Mubasher: Egypt’s new value-added tax (VAT) law has been approved by the Egyptian president Abdel-Fattah El-Sisi after the parliament’s approval last week.

The VAT law has been ratified while the sales tax law has been canceled according the decision published in the Egyptian official journal.

Egypt’s ministry of finance (MoF) proposed the VAT draft law on 20 May, and it got the parliamentary approval by the end of August.

The value-added tax is levied on the difference between the cost and sale prices for local and imported goods. It will be paid by consumers.