Finance Ministry to expedite VAT refund process nationwide
Updated 9/17/2024 12:53:00 PM
Arab Finance: The Ministry of Finance is working on accelerating the process of refunding the value-added tax (VAT) at all the country’s offices under the new tax facilities package, Deputy Minister of Finance Yasser Sobhi said on the sidelines of the General Organization for Export and Import Control’s (GOEIC) first annual conference.
The ministry is cooperating with the Ministry of Investment and Foreign Trade to promote the export support program, with the aim of refunding export burdens quickly and regularly, Sobhi noted.
He added that the ministry is also developing an advanced clearing system to identify investor’s dues and obligations.
This contributes to securing the cash liquidity needed to drive investments, domestic production, and exports.
Furthermore, the finance ministry is working on developing and digitizing the risk management and customs system to streamline the international trade, Sobhi said.
This would reduce customs clearance time, cut production costs, and bolster the competitiveness of Egypt’s business landscape, in order to attract further local and foreign investments.
Last week, Sobhi announced during the first Conference of Food Industry Exporters that EGP 3.8 billion in VAT was refunded to 1,600 companies last fiscal year, with processing times reduced to under 22 days for each company.
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