- The new value-added tax (VAT) in foreign currency does not apply to imports, according to the finance minister.
- The Ministry of Finance announced new amendments to the tax law, introducing a foreign currency VAT for goods and services purchased with currencies other than the Egyptian pound.
- The new tax will mainly be collected from goods and services paid for in foreign currency from licensed entities.
- Businesses can settle their VAT payments in the local currency if they provide evidence that it is equal to or above the value of the VAT within a month.
- The amendment is part of the government’s efforts to combat the foreign currency shortage.
- Egypt has implemented initiatives and incentives to attract foreign investments and hard currency.
- The black market trading prices for USD have increased to LE 50 per USD, around 40 percent lower than the official rate of LE 30.
Source: egypttoday.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
