ArabFinance: The Egyptian President Abdel Fattah El-Sisi has ratified amendments to the value-added tax (VAT) and the stamp tax laws, Enterprise reported, citing Egypt's Official Gazette.

As per the amendments, advertisements on TV, radio, as well as billboards and online ads will be subject to 14% VAT, replacing the 20% stamp tax, which they were previously subject to.

Moreover, El-Sisi has ratified a bill that provides for 5% to 15% of the annual surplus generated by ministerial private funds to be transferred to the state treasury.

The bill is expected to achieve around EGP 2.5 billion to EGP 3 billion for state revenues, representing about 7% to 8% of the annual surplus of EGP 36 billion.

The president also ratified amendments to some provisions of the law governing public universities and the law governing the Academy of Arts.

The legislation will come into force once the executive regulations are published by the Official Gazette.

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