The Egyptian Ministry of Finance has made amendments to the provisions of the executive regulation of the VAT law, thus facilitating the procedures of refunding the tax.
A statement by the Ministry of Finance that the new amendments allow enterprises to expedite the reimbursement of the tax before the completion of documents, provided that a letter of bank guarantee.
On the other hand, the Ministry of Finance prepared a draft law to end tax disputes and amend some provisions of the income tax law, and referred it to the Council of Ministers, including new tax facilitation to stimulate investment.
In this context, the Secretary General of the Egyptian Tax Association, Yasser Maherem, in an interview with the "Arab", that the Egyptian Minister of Finance has responded quickly and positively to the requirements of the tax community.
Last week, the Ministry of Finance issued two ministerial decisions to facilitate the procedures:
- A decision to facilitate the reimbursement of the tax, in accordance with the Double Taxation Agreement, for non-residents on the proceeds of treasury bills.
- The decision to facilitate the rapid reimbursement of tax to exporters on their exports.
The decision, according to the mahram, to provide the client or financier a letter of guarantee at 65% of the value of the tax, accompanied by documents representing invoices, customs release and bank certificates.