{"id":555068,"date":"2021-11-01T03:50:19","date_gmt":"2021-11-01T03:50:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/egypt-is-getting-a-digital-vat-drawback-system\/"},"modified":"2021-11-01T03:50:19","modified_gmt":"2021-11-01T03:50:19","slug":"egypt-is-getting-a-digital-vat-drawback-system","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/egypt-is-getting-a-digital-vat-drawback-system\/","title":{"rendered":"Egypt is getting a digital VAT drawback system"},"content":{"rendered":"

<\/a> Tourists shopping in Egypt will soon be able to claim VAT drawback via a <\/strong>digital <\/strong>system prior to departure<\/strong>, the Finance Ministry said in a statement<\/a> yesterday.<\/p>\n

Tourists will need to spend at least EGP 1.5k<\/strong> on an item <\/strong>to reclaim VAT<\/strong>; only visitors who stay in Egypt for less than three months can claim a drawback.<\/p>\n

The sy<\/strong><\/sup>stem will be gradually rolled out across the country<\/strong>: The project will begin in Sharm El Sheikh and Hurghada before the end of the year before being extended to Luxor and Aswan and then all of Egypt\u2019s cities and ports, FinMin tax advisor Ramy Youssef said yesterday (watch, runtime: 4:33<\/a>).<\/p>\n

A local company will be established to run the new system alongside an unnamed international firm<\/strong>, according to the statement. Recently listed state e-payments firm e-Finance<\/a> and its e-Tax subsidiary look set to be involved, with representatives from both firms joining the government committee tasked with managing the rollout.<\/p>\n

The latest in a digital overhaul of taxation: <\/strong>The VAT drawback system joins the unified digital tax system<\/a> and e-invoicing<\/a> initiatives currently underway as Egypt looks to digitize its tax system.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tourists shopping in Egypt will soon be able to claim VAT drawback via a digital system prior to departure, the Finance Ministry said in a statement yesterday. Tourists will need to spend at least EGP 1.5k on an item to reclaim VAT; only visitors who stay in Egypt for less than three months can claim […]<\/p>\n","protected":false},"author":1,"featured_media":555069,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7377],"tags":[72,276,69,238,7110],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tourism","tag-enterpriseam","tag-finance-ministry","tag-tax","tag-tourism","tag-vat","wpautop","entry"],"acf":{"mongo_id":"86c4219a-0ed1-4795-97f1-c0ad08bfeac9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/272.png","photo_position":"above","related_issue":[555057],"teaser":"","voice_url":""},"yoast_head":"\nEgypt is getting a digital VAT drawback system - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/egypt-is-getting-a-digital-vat-drawback-system\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt is getting a digital VAT drawback system\" \/>\n<meta property=\"og:description\" content=\"Tourists shopping in Egypt will soon be able to claim VAT drawback via a digital system prior to departure, the Finance Ministry said in a statement yesterday. Tourists will need to spend at least EGP 1.5k on an item to reclaim VAT; only visitors who stay in Egypt for less than three months can claim […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/egypt-is-getting-a-digital-vat-drawback-system\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-01T03:50:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/272.png?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/egypt-is-getting-a-digital-vat-drawback-system\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/egypt-is-getting-a-digital-vat-drawback-system\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt is getting a digital VAT drawback system\",\"datePublished\":\"2021-11-01T03:50:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/egypt-is-getting-a-digital-vat-drawback-system\/\"},\"wordCount\":197,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/egypt-is-getting-a-digital-vat-drawback-system\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/272.png?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Finance Ministry\",\"tax\",\"tourism\",\"VAT\"],\"articleSection\":[\"Tourism\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/egypt-is-getting-a-digital-vat-drawback-system\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/egypt-is-getting-a-digital-vat-drawback-system\/\",\"name\":\"Egypt is getting a digital VAT drawback system - 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Companies have until early May to submit the necessary documents to the Tax Authority.","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":649816,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/09\/finance-ministry-releases-vat-executive-regulations\/","url_meta":{"origin":555068,"position":1},"title":"Finance Ministry releases VAT executive regulations","author":"enterpriseam admin","date":"9 March 2017","format":false,"excerpt":"Habemus VAT executive regulations: The Finance Ministry issued the executive regulations of the value-added tax (VAT) law yesterday. The ministry says the executive regulations clarified definitions, including, for example, contentious items like what \u201cprofessional services\u201d entail, and resolved ambiguity on exemptions and processes. It also explains the transition to VAT\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572225,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/ads-will-be-subject-to-vat-but-not-stamp-tax-vat-drawback-system-for-tourists-could-be-expanded-under-sweeping-changes-proposed-to-value-added-tax-act\/","url_meta":{"origin":555068,"position":2},"title":"Ads will be subject to VAT (but not stamp tax), VAT drawback system for tourists could be expanded under sweeping changes proposed to Value-Added Tax Act","author":"enterpriseam admin","date":"16 June 2020","format":false,"excerpt":"SMART POLICY- Most commercial advertising will be subject to value-added tax under sweeping amendments to the VAT Act that the Finance Ministry finalized yesterday andposted to its website (pdf). In a move sure to be welcomed by advertisers and media organizations alike, the amendments would (if passed) also lift the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/173.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":650101,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/16\/vat-expected-to-bring-in-egp-190-200-bn-next-fiscal-year\/","url_meta":{"origin":555068,"position":3},"title":"VAT expected to bring in EGP 190-200 bn next fiscal year","author":"enterpriseam admin","date":"16 March 2017","format":false,"excerpt":"The value-added tax (VAT) is forecast to bring in revenues of EGP 190-200 bn during FY2017-18, the Finance Ministry VAT commissioner Abdel Moneim Mattar said at the Egypt Builders Conference yesterday, according to an emailed statement. According to Mattar, revenues from the tax \u2014 which is currently set at 13%\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":611674,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/11\/charge-in-fx-pay-vat-in-fx-no-exceptions\/","url_meta":{"origin":555068,"position":4},"title":"Charge in FX, pay VAT in FX. No exceptions.","author":"enterpriseam admin","date":"11 December 2023","format":false,"excerpt":"The ministry introduced new rules last month requiring businesses pricing goods and services in hard currency to settle VAT in FX","rel":"","context":"In "Tax"","block_context":{"text":"Tax","link":"https:\/\/enterpriseam.com\/egypt\/category\/tax\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/664.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570881,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/21\/vat-fast-track-refunds-published-in-egypts-government-gazette\/","url_meta":{"origin":555068,"position":5},"title":"VAT fast-track refunds published in Egypt\u2019s government gazette","author":"enterpriseam admin","date":"21 April 2020","format":false,"excerpt":"REGULATION WATCH- Fast-track VAT drawbacks are now officially a thing: The Official Gazette published earlier this month a decree (pdf) by Finance Minister Mohamed Maait to allow companies to claim 65% of their VAT drawbacks before an assessment on the tax return is made. 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