Egypt’s president announces planned shift to VAT regime

Egyptian President Abdel-Fattah el-Sissi says his government is planning to move toward a value-added tax regime as part of a series of major economic reforms. In an opinion piece published in The Wall Street Journal, he says the value-added tax regime, along with a simplified tax system for small

and medium-sized enterprises, will “raise revenues and bolster investment incentives by boosting growth, creating jobs and improving firms’ cash flow.” Egypt has launched mega-projects and taken tough measures, including slashing fuel subsidies and amending the property tax law, in a bid to revive the economy following the turmoil unleashed by the 2011 uprising. El-Sissi says the government has been “willing to forge ahead with the long-overdue and contentious reforms that prior governments had known were necessary but did not carry out.”

via ynetnews.com

Source: http://www.ynetnews.com/articles/0,7340,L-4704744,00.html

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