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Sep 28, 2016 (Newsletter Issue 17/16)
Egypt
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New Value Added Tax Adopted


The Egyptian parliament approved on August 28, 2016, the long-delayed value added tax (VAT) which replaces the former General Sales Tax (GST) system.

On September 5, 2016, VAT Law No. 67 of 2016 was issued. It replaces the Sales Tax Law No. 11 of 1991 and it’s amendments. The effective date of the VAT is September 8, 2016, the date after the law was published in the official gazette. The new tax law is part of an economic reform programme package aimed at reducing the country's budget deficit.

In principle, VAT applies to all provisions of goods and services, other than some goods and services that are listed in an exemption table.

The VAT tax rates are as follows:

- A 13% standard rate applies to most supplies of goods or services. This rate will increase to 14% on July 1, 2017.
-A schedule to the VAT Act lists goods and services that are subject to special rates in addition to the standard rate.
-A schedule to the VAT Act also lists goods and services that are subject only to special rates.

Source: BDO Egypt (www.bdo.com.eg) and PricewaterhouseCoopers Middle East (www.pwc.com)