Tax Authority issues formula on how to tax tuk tuks

The Tax Authority published in the Official Gazette on Thursday the tax formula for how it will tax tuk tuks, AMAY reports. The new formula will look at average daily revenues from a tuk tuk, and will factor in how many days a tuk tuk is used. In a receipt-less industry such as this, the authority has determined that the average daily revenue, according to 2014 figures, is around EGP 100. Adjusting for inflation, the authority estimates that the average daily revenue is EGP 150.