Cairo Chamber of Commerce to suggest changes to VAT, income tax laws

The Cairo Chamber of Commerce held yesterday a meeting to discuss suggestions it is looking to hand over to the government on proposed amendments to the VAT Tax Act and the planned new Income Tax Act, Al Mal reports. Heads of the chamber’s divisions are looking at proposals that would involve the government raising taxable income to EGP 24k a year and a proposal to calculate VAT on goods at the first stage of production. The Federation of Egyptian Industries (FEI) is also separately working on suggestions to the drafts. The government announced plans to amend the VAT Act and draft a new income tax law last month.