By: Mostafa Adel
Cairo – Mubasher: The Egyptian government approved Monday the long-awaited value added tax bill in principle, Amr Al-Mounir, deputy finance minister for tax policies, told Mubasher.
The bill is referred to the Council of State before getting reviewed by the parliament, said Al-Mounir.
The value-added tax is levied on the difference between the cost and sale prices for local and imported goods. It will be paid by consumers.
Earlier, the government announced it expects the value-added tax (VAT) draft to be endorsed by the parliament during the second quarter of 2016 (the last quarter of the current fiscal year 2015/2016), said Prime Minister Sherif Ismail.
Translated by: Ahmed Ali
