The Minister of Finance, Mohamed Moeit, announced that an agreement was reached between representatives of the Egyptian Tax Authority (ETA) and Uber Egypt to collect the value added tax (VAT) from the tech firm in application of the provisions of Law No 67 of 2016.
Moeit said that the agreement comes as result of the collaboration between the finance ministry, represented by the ETA, and the tax community in order to secure the rights of the state treasury without being excessive or negligent, stressing that the ministry targets to quickly settle any tax or customs disputes related to the companies and investors in order to advance the economy.
Abdel Azim Hussein, the head of the ETA, highlighted that reaching an agreement and determining the tax reform to be applied to Uber and other companies operating in the same field will enhance the trust and cooperation between the ETA and the tax community.
Cairo is one of Uber’s fastest growing markets with millions of commuters who use different transportation means to move around. The company announced it will inject $100m in investments over the next five years.
During the first visit of the US ride-sharing giant’s CEO, Dara Khosrowshahi, to Egypt last month, the tech firm launched its first bus service ‘Uber Bus’ and a new simpler version of its application called ‘Uber Lite’.