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Sunday, 26 February 2017

Maglis Al Dowla proposes amendments to VAT regulations that could see further amendments to the law

Could the government be forced to amend the value-added tax act? The executive regulations governing the value-added tax (VAT) may not be handed down as fast as Deputy Finance Minister Amr El Monayer had hoped: Maglis Al Dowla (the State Council) has concluded its review and says it has 30 proposed amendments that may necessitate revisions to the law itself, Al Borsa reports. Council officials say that some provisions of the draft regulations — such as those on tax-free shopping for foreigners, for example — are not provided for by the law that created the VAT.

The Council also finished its review of other laws and regulatory proposals, including one that essentially criminalizes cheating on high school exams by setting stricter punishments and higher fines. Teachers and administrators that leak or help circulate leaked exams could face 2-7 years in prison and fines of EGP 100-200k, while students caught cheating face a year in prison and fines of EGP 5-10k, newspaper says. Maglis Al Dowla also had remarks on the clauses of the legislation being prepared to establish a separate entity to govern nuclear power projects in Daba’a,

Meanwhile, the draft Labor Act is now before the House of Representatives after the State Council proposed 39 amendments to the 275-article law. Al Masry Al Youm has the full rundown.

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