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FINANCIAL NEWS
Egypt budget deficit to be reduced by VAT at 1pct
29 Aug 2016
(MENAFN) Implementing the value-added tax (VAT) will collaborate to Lower Egypt budget deficit by 1 percent.
Moreover, the money will go for subsided food commodities, financing the government Takaful and Karama national aimed social safety net program.
On the other hand, the country aims to impose the VAT in order to enhance public revenues and reduce the large and state budget deficits.
The VAT also focuses on imposing taxes on some services and goods that were exempt from sales tax before, involving global and private schools and universities.
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