By El-Sayed Solyman

Cairo – Mubasher: Egypt's estimated revenue for the fiscal year 2016/17 are likely to decline by EGP 12 billion after lowering the valued-added tax (VAT) rate at 13%, Deputy Finance Minister Amr Al-Mounir said on Sunday.  

"The approval of VAT rate at 13% would result in lowering the country's estimated revenues to EGP 20 billion in nine months", Al-Mounir told Mubasher.

On Sunday, the House of Representatives approved the VAT rate at 13% rather than the 14% rate recommended by the government, but it will rise to 14% in the upcoming fiscal year.

The new law is expected to enter into force by nex October, Al-Munir concluded.