Cairo – Mubasher: The forthcoming Value Added Tax law (VAT) won’t have any impact on the prices of the petroleum products, said the Ministry of Finance.
The ministry has no intention to move the fuel prices currently, said an official press release.
Meanwhile, the ministry works on expanding the list of the products exempted from the VAT, especially the basic and essential products and services.
The new tax, which is scheduled to be implemented in September, was expected to be voted on in parliament earlier this week.
The parliament is largely holding on to a VAT rate of 12 percent, while the cabinet is insisting on a 14 percent rate.
A 14% VAT rate is expected to generate EGP 32 billion in the 2016/17 state budget, according to officials in the parliament.
