Cairo – Mubasher: The Egyptian parliament approved a draft law for waiving late payment interest and penalties on taxes, including value-added taxes (VAT), the Middle East News Agency (MENA) reported on Sunday.

Under the law, 90% of the fees will be waived if the taxes are paid within 60 days from the date the law comes into effect, 70% if paid within 120 days, and 50% if paid within 180 days.

Moreover, 100% of interest payments and late fees will be waived if the due taxes are fully paid before the law comes into effect.