{"id":635349,"date":"2017-12-03T04:01:53","date_gmt":"2017-12-03T04:01:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/03\/finance-ministry-confirms-vat-on-non-core-services-offered-by-banks\/"},"modified":"2017-12-03T04:01:53","modified_gmt":"2017-12-03T04:01:53","slug":"finance-ministry-confirms-vat-on-non-core-services-offered-by-banks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/03\/finance-ministry-confirms-vat-on-non-core-services-offered-by-banks\/","title":{"rendered":"Finance Ministry confirms VAT on non-core services offered by banks"},"content":{"rendered":"

Finance Ministry confirms VAT on non-core services offered by banks:<\/strong> The Finance Ministry has reportedly ended the long-standing debate on whether non-core services offered by banks would be taxed under the value-added tax (VAT) act, Al Mal reports<\/a>. The ministry apparently said in an internal memo signed by Finance Minister Amr El Garhy that these services, which include fees on safety deposit boxes and trustee services<\/strong>, would be subject to the VAT, but that all core banking services would be VAT-exempt. Banks had lobbied last year<\/a> for these services to be exempt from the VAT.<\/p>\n","protected":false},"excerpt":{"rendered":"

Finance Ministry confirms VAT on non-core services offered by banks: The Finance Ministry has reportedly ended the long-standing debate on whether non-core services offered by banks would be taxed under the value-added tax (VAT) act, Al Mal reports. The ministry apparently said in an internal memo signed by Finance Minister Amr El Garhy that these […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-635349","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"4681e5be-15b6-4c29-be70-5c5e14a10adf","order":"0","is_powered_by":true,"section_story_id":"08b3ce88-cd08-471f-bf1f-c347c356c01b","story_type":"1","photo_url":"","photo_position":"above","related_issue":[635338],"teaser":"","voice_url":""},"yoast_head":"\nFinance Ministry confirms VAT on non-core services offered by banks - 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\/2017\/12\/03\/finance-ministry-confirms-vat-on-non-core-services-offered-by-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance Ministry confirms VAT on non-core services offered by banks\" \/>\n<meta property=\"og:description\" content=\"Finance Ministry confirms VAT on non-core services offered by banks: The Finance Ministry has reportedly ended the long-standing debate on whether non-core services offered by banks would be taxed under the value-added tax (VAT) act, Al Mal reports. The ministry apparently said in an internal memo signed by Finance Minister Amr El Garhy that these […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/12\/03\/finance-ministry-confirms-vat-on-non-core-services-offered-by-banks\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-12-03T04:01:53+00:00\" \/>\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<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/12\/03\/finance-ministry-confirms-vat-on-non-core-services-offered-by-banks\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/12\/03\/finance-ministry-confirms-vat-on-non-core-services-offered-by-banks\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Finance Ministry confirms VAT on non-core services offered by banks\",\"datePublished\":\"2017-12-03T04:01:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/12\/03\/finance-ministry-confirms-vat-on-non-core-services-offered-by-banks\/\"},\"wordCount\":105,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/12\/03\/finance-ministry-confirms-vat-on-non-core-services-offered-by-banks\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/12\/03\/finance-ministry-confirms-vat-on-non-core-services-offered-by-banks\/\",\"name\":\"Finance Ministry confirms VAT on non-core services offered by banks - 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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. 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