Egypt's Cabinet:No extra tax to be imposed on fuelSource: www.export-egypt.com 7/18/2016, Location: Africa |
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 The new value-added tax (VAT) bill, which has yet to be presented to parliament, does not impose any new VATs on fuel, Egypt's state owned MENA agency reported.
The Cabinet confirmed in an official statement that fuel would not witness any price hikes. In May, Egypt's finance ministry listed 52 commodities and services that will be exempt from the new VAT, categorizing commodities like crude oil, natural gas, butane, raw materials extracted from quarries and mines, electricity, and mineral water as tax-exempted commodities. The long-delayed levy, which was approved by the cabinet last May, is set at a flat rate of 10 percent. The government aims to stamp out tax evasion by applying the tax to each member in the chain of production of goods and services, including the final retail stage. Currently, sales taxes are imposed only during a product's final sale to customers. In previous statements, Egypt's finance ministry said that imposing the VAT would have a one-time impact on prices of all goods -- excluding food -- raising them by between 0.5 and 2.5 percent. Egypt’s government plans to slash its total subsidy bill in the new budget by 14 percent in the coming fiscal year, but has refrained from specifying when and by how much fuel prices would rise. |
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