Reda Abdel Kader — the Head of the Egyptian Tax Authority — and Ibrahim Al-Araby — the Head of the Federation of Egyptian Chambers of Commerce (FEDCOC) — signed a protocol to define procedural rules for collecting tax on platinum, gold, silver, and precious stones in light of the value-added tax law promulgated by Law No. 67/ 2016 and its executive regulations.
Abdel Kader pointed out that signing this protocol comes within the authority’s endeavours to correctly apply the provisions of the Value Added Tax Law promulgated by Law No. 67/ 2016 and its executive regulations issued by the Minister of Finance’s Decree No. 66/ 2017.
The protocol came out of belief in the authority’s responsibility to collect public treasury dues as well as the keenness of the two divisions of gold, silver, and platinum merchants and makers not to fail to abide by the provisions of the Value Added Tax Law and to pay the due tax.
This month, the Egyptian Tax Authority succeeded in establishing a mechanism for applying value-added tax rules to gold products from retail gold stores.
Additionally, the authority held several meetings with gold manufacturers, during which, the authority assured gold traders that gold examination procedures that take place at their retail outlets will be safe, legal, and exempt from additional taxes.