Egyptian Parliament to Impose VAT on Online Advertisements
Egypt's newly presented media regulation draft includes taxes to be imposed on website advertisements.
A new law enforcing taxes on advertisements posted on social media websites has been approved by the House of Representatives on Sunday, reports Egypt Today.
Moreover, websites will be banned from accepting advertisements that are not registered with the Supreme Council. Any website failing to do so will be considered as committing tax evasion as per law No. 11 of 1991.
The imposed taxes come as part of the recently presented media regulation draft law which also requires any operating media outlet or website to be registered with the Supreme Council. The provided license which lasts up to 5 years, requires website owners to send in their renewal requests six months prior to the expiration date. To obtain the license, media entities will be expected to place an application request which will be evaluated over 90 days by the Supreme council, with the fee of operation being EGP 250,000 for media outlets and EGP 50,000 for websites as per Article 60.
Main image taken from QualityEgypt.com