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After years of work, the Egyptian Ministry of Finance has finally announced completion of the value-added tax (VAT) bill. It has been submitted to parliament and is awaiting approval. Once ratified, the new legislation will replace the General Sales Tax Law in force since 1991.
The Cabinet’s keenness to expedite the implementation of the VAT bill for the most part is an attempt to boost state revenues in order to face imminent economic crises, mainly budget deficits. The bill also is driven by the need to reform fiscal policy.
