New Updates on Egyptian Tax Authority: Collection of VAT in Foreign Currency

• VAT tax collection in foreign currency
• Applicable from 24/12/2023 in certain banks
• The tax is applicable to goods and services paid for in foreign currency
• The tax is deducted from the purchase value in foreign currency
• Exchange rate is based on the official bank rate
• VAT payment can be made through designated banks
• Different procedures for taxpayers in integrated tax centers and non-integrated tax centers
• Monthly sales invoices are submitted in Egyptian pounds
• A separate field is added for VAT payment in foreign currency
• The tax is calculated and deducted from the total amount
• Remaining tax is paid in Egyptian pounds
• Hotline and email available for inquiries and reporting tax evasion
• Official website and social media channels for Egyptian Tax Authority

Source: eta.gov.eg

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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