The head of Egypt's tax authority announced on April 9th, 2014, that the country's is in the process of introducing a VAT law and that the draft of the law is currently under discussion. Key details of the law include:
- VAT will apply on all goods and services, including imports
- Although not yet set, a single standard rate of VAT will apply between 10% and 12%
- Operations in Free Zones will be subject to VAT to limit tax evasion, but a special VAT refund mechanism for inputs used in Free Zones…