{"id":578829,"date":"2023-01-16T04:11:09","date_gmt":"2023-01-16T04:11:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/new-vat-exec-regs-just-dropped\/"},"modified":"2023-01-16T04:11:09","modified_gmt":"2023-01-16T04:11:09","slug":"new-vat-exec-regs-just-dropped","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/new-vat-exec-regs-just-dropped\/","title":{"rendered":"New VAT exec regs just dropped"},"content":{"rendered":"

<\/a> The Finance Ministry has issued <\/strong>the amended executive regulations for the VAT Act<\/strong>, which contain new targeted tax breaks designed to support manufacturing and boost exports. The amendments were published in the Official Gazette late last week.<\/p>\n

The provisions are aimed at:<\/strong><\/p>\n

#1- Supporting capex in the industrial sector:<\/strong> Purchases of machinery by companies in the industrial sector will be exempt from VAT for one year. This applies to items imported from abroad or purchased locally. Machinery is usually subject to a 5-14% VAT, the Tax Authority\u2019s director of taxpayer services, Mohsen El Gayar, told Enterprise.<\/p>\n

#2- Boosting investment in economic zones: <\/strong>Goods or services purchased for projects in special economic zones are exempted from VAT.<\/p>\n

#3- Encouraging tourists to spend:<\/strong> Tourists will now be able to claim VAT rebates<\/a> on select items worth EGP 1.5k or more, down from EGP 5k previously.<\/p>\n

#4- Making it easier to register with the Tax Authority:<\/strong> The amendments introduce simplified procedures for non-residents to register with the Tax Authority, which can now be done online and without the need of a legal representative.<\/p>\n

This is the latest in a list of measures designed to support the economy<\/strong>, boost investment and increase exports in response to the economic crisis triggered by the war in Ukraine and tightening financial conditions. The Madbouly cabinet announced in the wake of the latest currency devaluation last week that it would continue offering subsidized loans<\/a> at a slightly higher 11% rate to support companies in the industrial and agriculture sectors. It also recently made it easier<\/a> for firms to acquire on-stop golden licenses<\/a> for new industrial and infrastructure projects<\/p>\n

Industry + exports are key to getting the economy on the right foot for the long term:<\/strong> The government is aiming to increase exports to USD 100 bn<\/a> a year by the middle of the decade and reduce dependency on imported products, a move that would help narrow the current account deficit. This would leave us with more resilient local industries that can weather external shocks like the fallout from covid-19 and the Russia-Ukraine war.<\/p>\n

REMEMBER- Expect more tax changes in the weeks ahead: <\/strong>The Madbouly government is set to unveil<\/a>its tax policy document in the coming few weeks, which could see changes made to income and capital gains tax.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Finance Ministry has issued the amended executive regulations for the VAT Act, which contain new targeted tax breaks designed to support manufacturing and boost exports. The amendments were published in the Official Gazette late last week. The provisions are aimed at: #1- Supporting capex in the industrial sector: Purchases of machinery by companies in […]<\/p>\n","protected":false},"author":1,"featured_media":578830,"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":[7344],"tags":[72,187,131,69,238,7110],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-enterpriseam","tag-legislation-watch","tag-manufacturing","tag-tax","tag-tourism","tag-vat","wpautop","entry"],"acf":{"mongo_id":"84a7d417-0612-4551-9da5-f417f58904f8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/244.jpg","photo_position":"above","related_issue":[578821],"teaser":"","voice_url":""},"yoast_head":"\nNew VAT exec regs just dropped - 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\/2023\/01\/16\/new-vat-exec-regs-just-dropped\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New VAT exec regs just dropped\" \/>\n<meta property=\"og:description\" content=\"The Finance Ministry has issued the amended executive regulations for the VAT Act, which contain new targeted tax breaks designed to support manufacturing and boost exports. The amendments were published in the Official Gazette late last week. 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The proposed legislative changes, which the Finance Ministry finalized last week, would subject most commercial advertising to the value-added\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":578829,"position":1},"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":573302,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/real-estate-developers-oppose-vat-on-non-residential-properties\/","url_meta":{"origin":578829,"position":2},"title":"Real estate developers oppose VAT on non-residential properties","author":"enterpriseam admin","date":"28 July 2020","format":false,"excerpt":"LEGISLATION WATCH- Real estate developers oppose VAT on non-residential properties: Real estate developers have pushed back on proposed legislative amendments that would impose a 14% value-added tax (VAT) on the sale and rental of non-residential properties, the local press reports. The Federation of Egyptian Industries\u2019 real estate division is currently\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\/7\/226.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559653,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/companies-in-dedicated-investment-zones-are-in-line-for-a-vat-exemption\/","url_meta":{"origin":578829,"position":3},"title":"Companies in dedicated investment zones are in line for a VAT exemption","author":"enterpriseam admin","date":"31 January 2021","format":false,"excerpt":"Goods and services from special economic zones (SEZs) may soon be made VAT-exempt under draft legislative amendments approved by the House Planning and Budgeting Committee on Wednesday, reports Al Mal. If passed in a final general assembly vote, the changes \u2014 part of a raft of amendments to the VAT\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575752,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/vat-act-amendments-submitted-to-egypts-house-of-representatives\/","url_meta":{"origin":578829,"position":4},"title":"VAT Act amendments submitted to Egypt\u2019s House of Representatives","author":"enterpriseam admin","date":"26 October 2020","format":false,"excerpt":"LEGISLATION WATCH- Office space and snack tax? Amendments to the VAT Act that would impose VAT on non-residential property and some snack foods are now with the House of Representatives after going through Cabinet, the local press reports. The changes would apply a 14% VAT to the rent and purchase\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":563263,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/24\/suez-canal-services-may-be-exempt-from-vat\/","url_meta":{"origin":578829,"position":5},"title":"Suez Canal services may be exempt from VAT","author":"enterpriseam admin","date":"24 June 2021","format":false,"excerpt":"Shipping companies are in line for a Suez Canal VAT break: Shipping companies would no longer have to pay VAT on Suez Canal transit fees under proposed amendments designed to make the canal more attractive to shippers. 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