{"id":611674,"date":"2023-12-11T00:00:00","date_gmt":"2023-12-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/11\/charge-in-fx-pay-vat-in-fx-no-exceptions\/"},"modified":"2023-12-11T00:00:00","modified_gmt":"2023-12-11T00:00:00","slug":"charge-in-fx-pay-vat-in-fx-no-exceptions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/11\/charge-in-fx-pay-vat-in-fx-no-exceptions\/","title":{"rendered":"Charge in FX, pay VAT in FX. No exceptions."},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Do business in FX? You won\u2019t be able to settle your VAT dues in EGP afte<\/strong><strong>r all:<\/strong>All businesses pricing goods and services in foreign currency will now have to settle their VAT dues in FX after the Finance Ministry scrapped a rule that would have allowed them to pay in EGP, according to a ministry document seen by Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The background: <\/strong><\/p>\n<ul>\n<li><strong>The rules: <\/strong>The ministry last month <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dee2969e-7333-487b-b76d-23b9278a3688\" style=\"\" rel=\"noopener\">began requiring<\/a> companies and sole traders doing business in FX to pay VAT in hard currency.<\/li>\n<li><strong>There was a degree of flexibility:<\/strong> Under the rules, the ministry said it would allow businesses to pay in EGP provided they had evidence that they had exchanged an equivalent amount of FX.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That flexibility is now gone:<\/strong> The ministry will no longer allow businesses to pay in EGP because there was no sure-fire way to verify whether they had actually exchanged hard currency, an official at the Finance Ministry told Enterprise. There was also no established set of rules to punish those that failed to follow the procedures, they said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We should know more soon: <\/strong>The new rule will be published soon in the Official Gazette, and the ministry will issue detailed directives listing sectors that are required to pay their VAT dues in FX, a second ministry source told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know so far<\/strong> \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea43e533-4bab-49ab-b7f6-6e850ef08ea7\" style=\"\" rel=\"noopener\">from the Finance Ministry<\/a>:<\/p>\n<ul>\n<li>Importers are exempt;<\/li>\n<li>VAT will only be collected in FX from companies that are licensed to transact in foreign currency, like tourism companies.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The ministry introduced new rules last month requiring businesses pricing goods and services in hard currency to settle VAT in FX<\/p>\n","protected":false},"author":1,"featured_media":611675,"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":[7382],"tags":[72,2234,343,871,69,7110],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax","tag-enterpriseam","tag-foreign-exchange","tag-regulation","tag-regulation-watch","tag-tax","tag-vat","wpautop","entry"],"acf":{"mongo_id":"15ca2e0f-a5ed-43ff-ab96-309baf3de42c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/664.JPG","photo_position":"above","homepage_title":"","full_issue_title":"FinMin scraps rule allowing businesses to pay VAT on FX sales in local currency","related_issue":[611667],"teaser":"The ministry introduced new rules last month requiring businesses pricing goods and services in hard currency to settle VAT in FX","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.3d487bff-8a3e-4440-aef7-9ae251df56d5.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Charge in FX, pay VAT in FX. No exceptions. - 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\/12\/11\/charge-in-fx-pay-vat-in-fx-no-exceptions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charge in FX, pay VAT in FX. 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Find your nearest polling station\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/newspaper-reading-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577238,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/","url_meta":{"origin":611674,"position":2},"title":"It\u2019s lift-off for the expat car-for-FX scheme","author":"enterpriseam admin","date":"15 November 2022","format":false,"excerpt":"Cabinet is out with the rules and regulations for the expat car importscheme: The Madbouly government launches incentives to get Egyptian expats to import cars with foreign-currency today, and yesterday released details of the rules and regulations for the scheme, according to two separate statements (here and here). The rules\u2026","rel":"","context":"In &quot;Automotive&quot;","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/234.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550092,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/egyptian-expats-get-new-cars-finmin-gets-fx-more-buildings-up-for-reconciliation\/","url_meta":{"origin":611674,"position":3},"title":"Egyptian expats get new cars, FinMin gets FX + More buildings up for reconciliation","author":"enterpriseam admin","date":"13 October 2022","format":false,"excerpt":"Egyptian expats are going to be able to import new cars on the cheap \u2014 in return for helping the state raise FX: Egyptians who are resident abroad will be able to import a new car and eventually get a full rebate on all customs fees and taxes \u2014 if\u2026","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/212.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615700,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/22\/smes-to-pay-same-taxes-for-larger-revenues\/","url_meta":{"origin":611674,"position":4},"title":"SMEs to pay same taxes for larger revenues","author":"enterpriseam admin","date":"22 February 2024","format":false,"excerpt":"The Finance Ministry has approved a proposal to amend the tax brackets of the SME act to take into account inflation without infringing on the final tax rates on projects","rel":"","context":"In &quot;Tax&quot;","block_context":{"text":"Tax","link":"https:\/\/enterpriseam.com\/egypt\/category\/tax\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2154.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550163,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/17\/expat-car-import-scheme-could-raise-egp-50-bn-worth-of-fx-maait\/","url_meta":{"origin":611674,"position":5},"title":"Expat car import scheme could raise EGP 50 bn worth of FX -Maait","author":"enterpriseam admin","date":"17 October 2022","format":false,"excerpt":"A scheme to allow expat Egyptians to import cars into Egypt and draw back customs and other fees at a later date could raise USD 2.5 bn in FX: Expats could send some EGP 50 bn (c. USD 2.5 bn) into Egypt under a cabinet program that will allow Egyptians\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/242.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=611674"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611674\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/611667"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/611675"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=611674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=611674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=611674"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=611674"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=611674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}