It has been reported that Egypt will introduce Value Added Tax to replace the existing General Sales Tax by the end of 2014. The new VAT will be a broad based tax, covering a much wider range of goods and services; the new provisions will also improve deductibility of VAT incurred by businesses. It is understood that the IMF is supporting the reform, and that the new tax rate will be between 10% and 12%. Observers agree that this will help grow much-needed tax revenues and to reduce the heavy government deficit.
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Cyprus: VAT rates increased
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