According to a recent announcement from the Egyptian Ministry of Finance, the Egyptian Cabinet has approved revised legislation for the introduction of value added tax (VAT). The legislation includes abolishing the current 10% general sales tax regime and replacing it with VAT regime at the same rate. It also provides for a number of exemptions, including:
- Basic foodstuffs;
- Certain medical implants and equipment;
- Certain commodities, including electricity and water, and unprocessed oil, gas …