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Egypt ratifies 13% VAT for 2016-17 fiscal year

by ChemOrbis Editorial Team -
  • 19/09/2016 (14:22)
According to media reports, Egypt’s Parliament approved on August 28 the implementation of VAT at a rate of 13% for the 2016-17 fiscal year. The new tax will be effective as of September. It was also concluded that the VAT will rise to 14% in the following financial year.

The application of new tax rates is part of the government’s fiscal reform program including lower energy subsidies in order to reduce the country’s budget deficit.

Through the application of new taxes, the Egyptian economy is expected to gain EGP32 billion in the 2016-17 state budget, according to MP Sayed Abdel-Al who is a member of the Economic Committee in the parliament.
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