Egypt’s revenues lose more than LE125B over 3 months due to COVID-19

CAIRO – 30 June 2020: Egypt’s revenues losses exceeded LE 125 billion over three months due to COVID-19, according to Minister of Finance Mohamed Ma’it.

Ma’it added during a TV interview that the government had not received fees for 3 months for airline tickets or departure of foreigners.

He added that COVID-19 contributed to the non-collection of value-added tax. The minister also confirmed that the ministry had understood the crisis since its inception.

“With the start of the pandemic, the ministry issued a decision to postpone the payment of the tax for a period of 3 months in favor of some economic activities as well as supporting the hotel and tourism sectors,” he stated, confirming that the ministry aims through amendments to the draft law on value-added tax to legalize the conditions of electronic commerce through goods and services.

The Minister of Finance indicated that the amendments were put forward for a community dialogue weeks ago, and that it should be discussed in the House of Representatives during the next month. He also noted that value-added taxes are not applied on some commodities that are sold via the Internet.

“The amendment aims to impose a resource development fee tax on mobile accessories at a rate of 5% coming from abroad,” he clarified. denying that there is an intention to impose taxes on iPhone users.

Earlier, Ma’it noted that Egypt lost LE 123 billion of revenues during the past three months due to coronavirus.

Egypt loses LE 123B of revenues due to COVID-19

CAIRO - 8 June 2020: Egypt lost LE 123 billion of revenues during the past three months due to coronavirus, according to Minister of Finance Mohamed Ma'it.