By: Mostafa Adel

Cairo - Mubasher: The head of the Egyptian Public Taxes Authority Abdel Moneim Matar said that the Ministry of Finance (MoF) will finalize the VAT tax law executive regulation by the end of October.

Matar’s remarks were made on the sidelines of the second annual leasing conference on Tuesday, stressing that the government is keen to resolve any faults or problems expected to arise as the new law comes into effect.

The taxes authority head also said that the government aims at increasing the tax revenue to 16% of the public income within 2 years, compared to the current 13.4%.

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

Translated by: Moslem Ali