Cairo - Mubasher: Implementing the value-added tax (VAT) will achieve proceeds between EGP 190 billion and EGP 200 billion during fiscal year 2017/2018, the head of the Egyptian Tax Authority, Abdel Moniem Mattar, said on Wednsday.
Mattar added in his remarks on the sidelines of the Builders of Egypt Conference that the VAT will be applied at a rate of 14% beginning next July, instead of its current 13% rate.
Applying the VAT in Egypt began last September, as it replaced the sales tax, and it is expected to achieve an additional revenue of EGP 30 billion per year.
The Egyptian finance minister recently issued the executive regulations of the VAT Law.
The regulations will reach the ministry within a day or two, the deputy finance minister for tax policies, Amr Al-Mounir, told Mubasher on Tuesday.
Returns from the VAT surged 211% in January to EGP 211 billion compared to EGP 9 billion in January 2016, he had previously revealed.
