Tax Authority to Discuss VAT on IOCs

Tax Authority to Discuss VAT on IOCs

The Egyptian Tax Authority’s Chairperson, Emad Samy, stated that the Tax Authority  is in talks over applying the value added tariff (VAT) on international oil companies (IOCs) working in Egypt, adding that it will reach a decision this week, reported Al Mal News.

This came as an answer to Italian Eni’s enquiries during the forum organized by the taxes committee at the French Chamber, which was headed by Karim Imam. Eni’s question was about whether the IOCs will have to pay the VAT especially as the IOCs receive a share of the production in return of financing the projects.

Samy further announced that the Tax Authority will send invitations for oil and gas firms to train its employees on applying the laws of the VAT.

In related news, The cabinet confirmed that Egypt’s petroleum based products are to be exempted from the value-added tax (VAT), which is yet to be presented to the parliament. Egypt’s fuel will not witness any price hikes.



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