Finance Ministry won’t amend VAT act: The Finance Ministry will not be revising the law for the value-added tax and we can expect the executive regulations “within a week or two at most,” high-ranking officials tell Al Borsa. The ministry plans to study Maglis Al Dowla’s (State Council) proposed amendments to the executive regulations and “notify the authority with its thoughts on some of the remarks,” according to Abdel Moneim Mattar, the former head of the Tax Authority who is now (as special commissioner) El Garhy’s point man on implementation of the VAT. Maglis Al Dowla had suggested 30 amendments to the regulations on Saturday, including some that the domestic press suggested could require revisions to the VAT Act. Council officials argued that provisions in the draft VAT regulations have no foundation in the act, including: The repricing of contracts that are subject to the VAT, but which had been signed prior to its issuance; tax-free shopping for foreigners; and the automatic registration of companies in the VAT system.

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