Mubarak to confirm new VAT law
Egyptian President Hosni Mubarak is expected to approve the second and third phases of Egypt’s Value-Added Tax (VAT) law in the near future, according to recent reports in THE London based Al-Sharq Al-Awsat daily.
The first phase of the the General Sales Tax Law went into force nearly a decade ago, in 1991. Only industrial producers, service providers and importers had been paying the tax in this initial stage, reported the Reuters news agency.
The upcoming final phases of the sales tax law are to be imposed on over 3.5 million wholesalers and retailers in Egypt, whose turnover exceeds 150,000 Egyptian pounds ($39,000) per merchant.
Following heated discussions over the proposed tax in the Egyptian People's Assembly, 58 members of Parliament angrily left the debate hall in protest. ― (MENA Report)
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