Cairo – November 28, 2023: Minister of Finance, Mohamed Maait, shared that the new value-added tax (VAT) in foreign currency does not apply to imports, mitigating some importers’ concerns over the latest amendments to the tax law. Last week, the Ministry of Finance announced new amendments to the Unified Tax Law, introducing a new foreign currency VAT to be collected for goods and services purchased/invoiced using currencies other than the Egyptian pound. Businesses have the opportunity to settle their VAT payments in the local currency. The new amendment is part of the government’s efforts to curb the foreign currency shortage. The Egyptian government has implemented several initiatives and incentives to combat the shortage by attracting foreign investments and hard currency.

Source: Egypt Today November 28, 2023 17:55 UTC