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Tuesday, 3 May 2016

VAT to be reviews at House Economic Committee “soon”, no intention to delay capital gains tax

The value-added tax law has been introduced in the House of Representatives but has not yet made it to the economic committee for review, deputy finance minister for tax policy Amr El Monayer told Al Ahram. He added that the draft law included some minor amendments but should be presented to the full House soon. El Monayer added to Al Ahram that the ministry does not plan on extending the exemption from the capital gains tax in FY2016-17 but that a decision has not been made yet, Al Shorouk reported. The capital gains tax was announced in July 2014 and implemented retroactively in 2015, but the government withheld its application after complaints from investors and reduced liquidity. Also on taxes, a source told Al Borsa the ministry neither plans to move to a more progressive taxation system nor raise the highest tax bracket to 30%.

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