9th February 2017
The Egyptian Parliament has discussed and approved the new Value Added Tax (VAT) law on 31 August 2016, and the law has been published in the official Gazette taking effect on 8 September 2016. The new VAT law replaces the current General Sales Tax (GST) law no. (11) 1991 that is considered annulled, as well as any legal provisions contradicting the new law.
VAT will apply to any registered person whose finances exceed EGP 500,000 sales during the 12 months preceding the date of the promulgation of this law and/or those dealing with the goods and/or services of the schedules annexed to the law without any limit.
In this paper, Dr Ashraf Hanna, from Dr Ashraf Hanna accounting and auditing, gives an overview of the various implications of these changes and what they hope to achieve.
Dr Ashraf Hanna accounting and auditing is a member of MGI Middle East & North Africa based in Giza, Egypt. Dr Ashraf Hanna is President, Certified Public Accountant and Auditor at the firm, which serves major multinational corporations in industries as diverse as petroleum, banks and financial institutions, construction and airlines in Egypt and Qatar.
For more information contact Dr Ashraf Hanna at firstname.lastname@example.org or visit their MGI Worldwide member profile page HERE.
DOWNLOAD THE WHITE PAPER HERE
MGI Worldwide is a Top 20 ranked international accounting network with some 5,000 independent auditors, accountants and tax experts in over 250 locations worldwide.
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