Egypt and Japan Sign a $15 Million Agreement to Establish Automated VAT System
'Cause who doesn't love a little VAT?
Egypt has signed a EGP 15.5 million grant agreement with Japan to establish an automated system for the collection of Value-Added Tax (VAT), according to Egypt Independent.
The agreement was signed by Egypt's Minister of Investment and International Cooperation, Sahar Nasr and Japan's ambassador to Egypt, Takehiro Kagawa, CEO of BMC International, who will be providing the automated system.
The agreement contributes to the “effective implementation of the fiscal policy, the promotion of economic reform programs and the support of Egypt’s development programs and plans”, according to the Ministry of Investment and International Cooperation. Egypt's Finance Minister Mohamed Maait said that this new system would make it easier for investors to work with the government, and that this is all part of a scheme to create a better investment climate in the country.
The Japanese ambassador stated that this grant shows the ongoing cooperation between Egypt and Japan, and that this will help to increase budget revenues of Egypt while supporting economic development. He is happy with the efforts made to improve the investment climate in Egypt, where it has become suitable for Japanese companies to invest more heavily.
An automated VAT system has many benefits, such as minimizing human error, keeping VAT data safe, producing accurate reports, and quick processing of VAT returns, according to Biz Community.
Last year, Sahar Nasr inaugurated the Egypt-Japan business forum in Tokyo, where she signed an $8.8 million grant with the Japan international Cooperation Agency to supply education and research devices for the Egypt-Japan University of Science and Technology (E-JUST).
Main image from Egypt Independent