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Tax Expert: 10% rise adds 6 pounds
Said Fouad, Advisor at the Egyptian Tax Authority, confirmed that imposing a 10% tax fee on gold craftsmanship is incorrect. He explained that the protocol implemented since 2021 aims to collect value-added tax at fixed rates without affecting citizens. He clarified that the annual increase of 10% corresponds to an increase of 6 Egyptian pounds in the craftsmanship fee for 21-karat gold. These changes will not impact consumers' purchasing processes starting from July 1. He also pointed out that the tax package includes strengthening the informal economy and incentivizing taxpayers through exemptions and tax deferments.
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