- Egypt does not levy VAT in foreign currency on imports
- VAT deductions in foreign currency are applicable to purchases made in hard currency at tourist and other establishments
- The recent finance ministry decision mandates the collection of VAT in foreign currency for goods and services paid for in foreign currency
- This move is part of broader economic measures to address a USD liquidity crunch and attract foreign investment
- Egypt aims to raise $191 billion by 2026 through measures like expanding its IPO program and providing incentives for foreign investors
- The country is committed to IMF stipulations, including flexible exchange and interest rate regimes, private sector development, and expediting IPO processes.
Source: globalvatcompliance.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.
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