- The Egyptian Tax Authority announced amendments to the VAT, including a 10 percent tax on crude oil.
- The new tax will not affect local petroleum product prices.
- The Egyptian General Petroleum Corporation has accounted for the tax in its expenditures for the new fiscal year.
- The cost of the tax will be offset by expected savings, preventing impact on end-user prices.
- The VAT changes aim to broaden the tax base and correct distortions.
- The adjustments support increased government spending on human development.
- Changes were made in response to requests from various productive sectors.
Source: egyptoil-gas.com
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.
