Egypt's Ministry of Finance has issued details on the new value added tax (VAT) regime that has been approved by the Egyptian cabinet and is pending approval by parliament ({News-2016-05-27/P/3- previous coverage}).
Key details include:
- The standard VAT rate is to be 14% (not finalized);
- A reduced rate of 5% will apply for certain supplies of machinery and equipment;
- The general VAT registration threshold will be turnover of EGP 500,000;
- Importers, exporters and distribution agents will be…