Finance Minister Mohamed Ma’eit said Sunday that an electronic system will be established at all air, sea and land ports with the aim to ease VAT return on purchases of foreign visitors.
A committee should be formed to oversee the new system, which is meant to encourage shopping tourism in a way that would help turn Egyptian resorts into international shopping hubs, Ma’eit noted.
A specialized company should be built in cooperation with an international firm to manage the electronic system, he made it clear.
A VAT return should be applied to all purchases of any foreign visitor that exceed 1,500 pounds, Ma’eit said, noting that the refund would be made upon their departure.
The system will first be applied in the Red Sea resort city of Sharm el Sheik before the end of this year, the minister said.
Source: State Information Service Egypt