The Egyptian tax authorities are currently consulting with stakeholders on draft regulations to further clarify the definition of exempt services and the application of reduced rates for certain services under the country's new value added tax (VAT) regime, which was introduced under Law No. 67 enacted in September 2016 ({News-2016-09-15/A/3- previous coverage}). The draft regulations clarify the following for VAT purposes:
- Exempt banking services are defined as services furnished by banks s…