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13 Percent VAT Confirmed For Egypt

Egyptian lawmakers have agreed to the introduction of a value-added tax regime with a 13 percent headline rate from the 2016/17 fiscal year.

The rate is to rise to 14 percent from 2017/18.

In May, Egypt's Finance Minister disclosed that 52 goods and services will be exempt from value-added tax. This list reportedly includes basic foodstuffs. Businesses targeting tourists, including restaurants and hotels, will not be subject to VAT also.

Certain companies operating in the natural resources sector will be exempt, as will banks, although further clarification on the taxation of these sectors is expected. Education, scientific research, and religious organizations will also receive exemptions.

The long-awaited introduction of VAT is a key part of plans to significantly reduce the nation's budget deficit, which is expected to reach about 11.5 percent of gross domestic product this year.

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