Last Update 23:5
Sunday, 13 October 2019

Egypt cabinet dismisses reports of raising VAT, income tax this fiscal year

Ahram Online , Wednesday 18 Oct 2017
Egypt's Value Added Tax currently stands at 14 %
Views: 3428
Views: 3428

The Egyptian cabinet's Information and Decision Support Center (IDSC) dismissed on Wednesday news reports that the government is planning to raise the Value Added Tax (VAT) and the income tax during the current fiscal year, which ends in July 2018.

The Ministry of Finance said that Egypt is enjoying a strong financial position due to the implementation of new laws and measures aimed at facilitating investment in the country, especially in tourism, agriculture and technology.

The ministry also said that Egypt is planning to issue $3 billion in bonds in early 2018.

Egypt has been increasing taxes and cutting subsidies to narrow its budget deficit as part of economic reforms tied to a $12 billion loan from the International Monetary Fund (IMF) aimed at boosting the economy.

Prior to signing the IMF loan deal in November 2016, Egypt imposed a 14 percent VAT on nonessential goods.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.