Minister of Finance Mohamed Maait said the amendments proposed to some provisions of the value-added tax (VAT) law come in accordance with President Abdel Fattah El Sisi’s relevant directives, and the State’s commitment to upgrading the tax system, propelling economic development, stimulating investment, promoting tax compliance, and raising the efficiency of tax collection without imposing additional burdens on citizens.
Those amendments aim to address some problems that have emerged during the practical application of the VAT law provisions, Maait added in press statements Monday.
The minister noted that the unified tax procedures law has annulled a number of provisions previously stipulated in the value-added tax.
He added that the proposed amendments to the value-added tax law, which are being discussed at the House of Representatives, include granting goods or services exported or imported by economic zones projects of a special nature the same tax treatment (zero tax) as goods or services exported or imported by projects of free zones, cities and markets.
The move comes to stimulate investment in economic zones of a special nature, he noted.
Source: State Information Service Egypt