{"id":650661,"date":"2017-03-29T04:06:10","date_gmt":"2017-03-29T04:06:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/29\/vat-revenues-to-rise-by-egp-7-8-bn-with-rate-increase-el-monayer\/"},"modified":"2017-03-29T04:06:10","modified_gmt":"2017-03-29T04:06:10","slug":"vat-revenues-to-rise-by-egp-7-8-bn-with-rate-increase-el-monayer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/29\/vat-revenues-to-rise-by-egp-7-8-bn-with-rate-increase-el-monayer\/","title":{"rendered":"VAT revenues to rise by EGP 7-8 bn with rate increase -El Monayer"},"content":{"rendered":"

Raising the value-added (VAT) rate to 14% from 13% in FY 2017-18 should bring in an <\/strong>extra EGP 7-8 bn in revenues<\/strong>, Deputy Finance Minister Amr El Monayer told Reuters<\/a>. The newswire notes that the delayed implementation of the VAT had the state targeting around EGP 20 bn in revenues from it in the current fiscal year.<\/p>\n

Separately, the Finance Ministry has set three rates at which companies will be allowed to <\/strong>expense FX losses they incurred from sourcing USD from the parallel market in 2016<\/strong>, Al Borsa<\/a> reports. Companies can write-off 15% of the variance between the official and parallel market rates for January-June of last year, 40% between July and September, and 60% in October 2016.<\/p>\n

Sorry, counsel. You\u2019re going to be paying VAT.<\/strong> The VAT will be applied to all \u201cprofessional services\u201d including accountants and lawyers but a payment system can be worked out for each profession, El Monayer also told Al Masry Al Youm<\/a>. Agreements can be signed which would facilitate accounting procedures come tax season, he added. The ministry and the House Budgeting Committee agreed to hold meetings with the various syndicates to hammer out the details of the proposed procedures, according to Al Borsa<\/a>. Actors\u2019 guilds will be included in the new system, El Monayer is quoted as saying. The Lawyers Syndicate had filed a lawsuit<\/a> to kill the VAT, saying it was unconstitutional to impose the tax on them.<\/p>\n","protected":false},"excerpt":{"rendered":"

Raising the value-added (VAT) rate to 14% from 13% in FY 2017-18 should bring in an extra EGP 7-8 bn in revenues, Deputy Finance Minister Amr El Monayer told Reuters. The newswire notes that the delayed implementation of the VAT had the state targeting around EGP 20 bn in revenues from it in the current […]<\/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-650661","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"3fe238be-90c4-4e1e-ad77-28d9ce3cffde","order":"0","is_powered_by":true,"section_story_id":"bb6da42b-7fb3-49bc-8600-cf0f85ab4bf8","story_type":"1","photo_url":"","photo_position":"above","related_issue":[650650],"teaser":"","voice_url":""},"yoast_head":"\nVAT revenues to rise by EGP 7-8 bn with rate increase -El Monayer - 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\/03\/29\/vat-revenues-to-rise-by-egp-7-8-bn-with-rate-increase-el-monayer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VAT revenues to rise by EGP 7-8 bn with rate increase -El Monayer\" \/>\n<meta property=\"og:description\" content=\"Raising the value-added (VAT) rate to 14% from 13% in FY 2017-18 should bring in an extra EGP 7-8 bn in revenues, Deputy Finance Minister Amr El Monayer told Reuters. 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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":638848,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/16\/tax-revenues-up-to-egp-88-6-bn-in-1qfy2017-18\/","url_meta":{"origin":650661,"position":1},"title":"Tax revenues up to EGP 88.6 bn in 1QFY2017-18","author":"enterpriseam admin","date":"16 October 2017","format":false,"excerpt":"Tax revenues for the first quarter of FY2017-18 increased to EGP 88.6 bn from EGP 57 bnin the same period the year before, Vice Minister of Finance Amr El Monayer announced on Sunday, Al Ahram reports. The proceeds exceeded the ministry\u2019s target by 1%, notes Al Masry Al Youm. Income\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":597533,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/egypt-working-on-new-income-tax-vat-laws-maait\/","url_meta":{"origin":650661,"position":2},"title":"Egypt working on new income tax, VAT laws -Maait","author":"enterpriseam admin","date":"30 July 2019","format":false,"excerpt":"LEGISLATION WATCH- Brace yourself for a brand new income tax law: The government is working on a new income tax law during the current fiscal year, and expects to have an initial draft ready within two months, Finance Minister Mohamed Maait said at a press conference yesterday. Maait did not\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\/1\/661.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":644750,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/03\/fuel-and-commodity-prices-in-light-of-hike-and-vat-increase-dominate-the-debate\/","url_meta":{"origin":650661,"position":3},"title":"Fuel and commodity prices in light of hike and VAT increase dominate the debate","author":"enterpriseam admin","date":"3 July 2017","format":false,"excerpt":"Fuel prices will not be rising again in FY2017-18, Finance Minister Amr El Garhy told Amr Adib on last night\u2019s Kol Youm. The phase-out of energy subsidies will continue on its gradual trajectory for the next three-five years, El Garhy added, explaining that the most recent hike was necessary to\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598295,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/tax-authority-to-exempt-exporters-from-cargo-services-vat\/","url_meta":{"origin":650661,"position":4},"title":"Tax Authority to exempt exporters from cargo services VAT","author":"enterpriseam admin","date":"21 May 2019","format":false,"excerpt":"EXCLUSIVE- Tax Authority exempts exporters from paying VAT on shipping services: The Tax Authority has issued a decree that will exempt shipping companies from charging and remitting VAT from exporters, Tax Authority boss Abdel Azim Hussein tells Enterprise. 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