Cairo – Mubasher: The new value added tax law (VAT) will involve number of measures to deal with the problems that may arise from the differences in exchange rates, an official source told Mubasher.
The measures will allow the companies to record the FX differences as an accrued expenses, noted the source.
Earlier, Egypt has witnessed a gap of nearly 80% in the prices of the foreign currencies against the Egyptian pound between the official market and the black market, before the Central Bank of Egypt issues the flotation decision of the domestic currency.
Egypt eyes tax proceeds up to EGP 433.3 billion in the fiscal year 2016 – 2017.
