A – FOREIGN EXCHANGE VARIANCE ACCEPTED FOR VALUE ADDED TAX (VAT) PURPOSES:
- Instructions 12/2018 has been issued on September 23, 2018 stating that the foreign exchange rates difference stated in decree 418/2016 and 92/2017 related to income tax law 91/2005 should be applied for VAT to those companies which its operation needs to deal with foreign currency and specially exportation and importation activities as per ratios mentioned in these decrees as follows:
|
Year |
January to June of 2016 |
July to September of 2016 |
October 2016 |
|
Change % |
15% |
40% |
60% |
In exception for companies that provides a bank certificate approving that the revenue is collected in equivalent Egyptian pounds.
B – TAXPAYER ELECTRONIC PROFILE ACTIVATION:
- Instructions 14/2018 has been issued on October 3, 2018 stating that electronic tax return submission is activated through governmental electronic portal. This can be applied regarding corporate income tax return and VAT returns whether the company has ERP system or not.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.