Amendment to the Executive Regulations of Unified Tax Procedures Law

29 November 2023 - On 21 November 2023, the Egyptian Minister of Finance issued Decree No. 518 of 2023, amending the executive regulations of Unified Tax Procedures Law.  

The amendment to the Unified Tax Procedures Law is as follows:

The decree introduced a new regulation that imposes a requirement on taxpayers who sell goods or provide services and receive payments in foreign currencies to settle the corresponding Valued Added Tax (VAT) obligations in the same foreign currency. This payment should be made after deducting the relevant input VAT.

Under the new provision, taxpayers are also allowed to pay the corresponding VAT in Egyptian pounds (EGP) if they can provide evidence that an amount in a foreign currency, equal to or greater than the VAT amount owed, was debited to an Egyptian bank within the month following the revenue recognition.