The Federation of Egyptian Banks (FEB) declared its definitive rejection to applying or registering under the Value-Added Tax (VAT) Law, according to Amr Tantawy, board member of FEB and managing director of Misr Iran Development Bank (MIDB). Tantawy told Daily News Egypt that the banks believe they do not fall under the VAT Law; therefore, they are not required to register for it. He added that the same case applies to the sales tax, as banking transactions are legally exempt from the sales tax. The registration for the sales tax was cancelled by a court. She noted that the same thing will happen again, in case the authority insists on registering the banks under the VAT Law.

Source: Daily News Egypt October 23, 2016 06:33 UTC