BANKS ARE READYING FOR THE VAT: Finance departments across the banking sector are anticipating that the value-added tax (VAT) will have an impact on their bottom lines this year, banking sources tell Al Borsa. While most banking services are VAT-exempt, others including the rental of safety deposit boxes and ATM services are not, the sources added. Strategic planning and development units at banks have also reportedly been calling for revisiting their finance strategies for the year to adapt to the new VAT regime. The Federation of Egyptian Banks is expected to hold a meeting next week to discuss the VAT’s effects on the sector, the sources said.