Egypt's Tax Authority (ETA) denies reports of a dispute between the government and oil companies over the application of Value Added Tax (VAT) on crude oil. In a statement, the ETA said the law is clear, all matters are fully agreed upon, and the executive regulations will be issued soon. The authority stated that the Egyptian General Petroleum Corporation (EGPC) is the sole buyer of crude oil in Egypt and is liable for a 10 per cent VAT as the recipient and beneficiary of the commodity, whether sourced locally or imported, with the tax remitted to the authority. It added that subjecting crude oil – not petroleum products – to VAT at 10 per cent will not result in any increase in petroleum product prices in the local market. The ETA urged media outlets to verify information with the competent authorities and ensure accuracy in reporting. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
