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Egypt discusses social media tax draft law with Facebook officials

Egypt discusses social media tax draft law with Facebook officials
Egypt seeks to integrate the parallel economy into the official one

Cairo – Mubasher: Egypt is set to issue a new income tax draft law that includes the introduction of a tax on advertisements posted on social media websites and online platforms, the country’s finance minister Mohamed Maait said.

Maait has met with representatives from Facebook to benefit from the social media giant’s experience in the field of taxes on advertisements on online services and social media platforms, according to a statement on Tuesday.

This move is part of the government’s plan to integrate the parallel economy into the official one, along with promoting fair competitiveness among entrepreneurs, Maait added.