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Egypt/May 2013

Various changes in the taxation laws of Egypt are in the agenda of Egyptian tax authority.

One of the planned changes is the introduction of tax on tourist facilities which is said to take place as early as next July. Though there are no clear indications on which basis (property size, location or property use) the properties in the tourism sector will be taxed, this is to be decided following the discussions between Ministry of Tourism, Chambers and businesses in the tourism sector in the near future.

Also planned is the imposition of a new stamp tax at a rate of 0.001% which will apply to both buyers and seller on the sale and purchase of financial securities sold in Egypt. The opposition parties are not in favor of such tax as they fear it will drive away the investors.

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