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Wednesday, 9 November 2016

VAT executive regulations will be revealed next week

The long-awaited executive regulations of the value-added tax (VAT) will be revealed next week and will be put out for “national dialogue,” Deputy Finance Minister Amr El Monayer tells Al Ahram. No precise date was given for the big reveal. The regulations are expected to address a number of outstanding issues in the law including:

  • How contracts signed prior to the passing of the VAT will be amended;
  • Clearly defining some of the goods and services that will be subject to VAT;
  • Outline capital goods and production inputs eligible for rebates;
  • Define the status of certain sectors including pharma, accounting, law firms, etc.;
  • Identifying which goods and services will be part of the schedule tax — the fixed tax on goods that are not subject to the baseline rate
  • Setting regulations for businesses that do not meet the EGP 500K minimum income requirement to register for the VAT.

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