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FinancialNews


  • 29-07-19

    Egypt: committee on VAT law to be created

    (MENAFN) Egyptian Finance Minister Mohamed Maait announced that the country is planning to create a committee with a purpose to revise its value-added tax (VAT) law.

    This VAT law is considered in line with a reform plan that Egypt launched under a USD12 billion loan deal secured with the International Monetary Fund (IMF).

    During the fiscal year 2018-19, Egypt was able to generate USD39.83 billion in taxes to mark a 16.6 percent year-on-year boost, the minister noted.

    Maait further added that VAT accounted for 309 billion Egyptian pounds of the total tax revenue yielded during the period.

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