Vertex CyberTax News

Tax Like an Egyptian

Egypt has announced plans to shift from their current sales tax system to a Value Added Tax system. The new system could take effect from as early as 1 July 2008 with a rate of 10%. The new VAT system should eliminate the double taxation that can now occur with supplies of taxable services by allowing input tax to be deducted.

The island of Jersey in the Channel Islands has announced that it intends to introduce a Goods and Services Tax (GST) with effect from May 2008. The GST will be modeled after the UK VAT system and will have a rate of 3%. This move will allow some of the income tax burden to be shifted to the GST without adversely impacting the budget.

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