The Egyptian Tax Authority confirmed that it followed what was raised in the media, other than the truth, about the existence of a tax dispute between the government and oil companies about the subjection of crude oil to added value, which requires further clarification.
The Egyptian Tax Authority stressed that there is no validity at all to the dispute between the government and oil companies over VAT, stressing that the law is clear, and there is full agreement on all matters, and that the executive regulations will be issued soon.
The Egyptian Tax Authority explained that the Egyptian General Petroleum Corporation is the only buyer of crude oil in Egypt, and bears the value added tax of 10% as the recipient and beneficiary of the commodity, whether the oil is local or imported, and supplies the tax to the Authority.
The Egyptian Tax Authority pointed out that subjecting crude oil – not petroleum products – to a 10% value-added tax will never entail any increase in the prices of petroleum products in the local market.
The Egyptian Tax Authority called on the media to investigate accuracy and verify information through the competent authorities in order to promote the national interest.
