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Egypt passes tax law sought by IMF

Vendors and buyers gather in Cairo's open air Ataba market on October 10, 2015Egypt’s parliament on Monday passed a law on value added tax, one of the reforms promised in exchange for a $12 billion loan agreed with the International Monetary Fund, lawmakers said. Under the legislation, the VAT is to be set at 13 percent for 2016-17 and 14 percent for the following fiscal year, MPs Khaled Youssef and Emad Gad told AFP. Egypt and the IMF announced in mid-August a preliminary agreement for a $12 billion loan spread over three years, which still needs approval from the IMF’s board.

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