El-Sisi ratifies amendments to VAT and stamp duty laws

ArabicFinance: Egyptian President Abdel Fattah El-Sisi has ratified amendments to the Value Added Tax (VAT) and stamp duty laws, Enterprise reported, citing the Egyptian Official Gazette.

Under the amendments, advertisements on television, radio, as well as billboards and online advertisements will be subject to 14% VAT, replacing the 20% stamp duty, to which they were previously subject.

Moreover, El-Sisi ratified a draft law which provides that 5 to 15% of the annual surplus generated by ministerial private funds be transferred to the public treasury.

The bill is expected to reach about EGP 2.5-3 billion for state revenue, which is about 7-8% of the annual surplus of EGP 36 billion.

The President also ratified amendments to certain provisions of the Law Governing Public Universities and the Law Governing the Academy of the Arts.

The legislation will come into force once the implementing regulations have been published in the Official Gazette.

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