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Thursday, 15 September 2022

An EGP 2 coin will be in circulation soon + is Global Blue coming to Egypt?

We’re getting an EGP 2 coin and an Egyptian-British mint in the Suez Canal Economic Zone (SCZone) after cabinet approved the moves at its weekly meeting yesterday, according to a statement. The Royal British Mint, the Egyptian Mint, and the Public Treasury Authority will partner on the roll-out and operation of the new mint as part of the Sisi administration’s bid to localize industries, the statement read.

The announcement of the new coin got lots of airtime on the talk shows last night: (Yahduth Fi Masr | watch, runtime: 5:13 | Salet El Tahrir | watch, runtime: 6:57 | Masaa DMC | watch, runtime: 6:10)

ALSO- The government wants tourists to spend more: Cabinet also gave the greenlight to establish a local branch of payments company Global Blue, which will digitize the VAT drawback system for tourists, making it easier for them to claim refunds.

REFRESHER- Under amendments to the VAT and the Stamp Tax laws ratified in February, tourists can claim VAT rebates on their way out of the country for purchases of select items worth more than EGP 1.5k or more, down from a previous EGP 5k threshold.

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