E&P Activities to be Exempted from VAT

E&P Activities to be Exempted from VAT

The Egyptian Ministry of Finance is preparing a list of oil and gas exploration-and-production (E&P) activities to be exempted from the value-added tax (VAT), the First Undersecretary of the Ministry of Finance, Amr El Monayer, said, Al Mal News reports.

The ministry will meet with E&P companies to discuss the list of exempted activities, El Monayer said. He noted that clarifying this issue has been delayed by the implementation of many new regulations, but added that the ministry is planning to accelerate the process.

Before the implementation of the VAT, E&P companies were subject to sales tax, El Monayer noted. In the past, however, there was a list of taxable activities, whereas the ministry is now preparing a list of tax-exempt activities, he said.

Currently the activities of the Egyptian General Petroleum Corporation (EGPC) are subject to the VAT.

El Monayer’s remarks were made at a forum organized by the Tax & Customs Committee at the French Chamber of Commerce.

Sarah Samir 2950 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

Login

Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password

Register