On 29 August 2016, the Egyptian parliament approved the long-awaited legislation for the replacement of sales tax with a value added tax (VAT). As approved, VAT will be levied at an initial standard rate of 13% from 1 October 2016, and will be increased to 14% from the 2017-18 fiscal year. The standard rate will apply for most goods and services, although certain basic goods and services will b…