Egypt's Ministry of Finance has said that it will not impose any tax on social media advertisements. The statement was made by Salah Youssef, Deputy Minister of Finance in Egypt and Head of the research department of the Egyptian Tax Authority, at a symposium held in the north African country to discuss the country's new taxation law.
The symposium was organized by the Egyptian Junior Business Association (EJB).
“There are developments happening to the taxation system to make it unified across the country, like post offices,” Youssef is reported to have said.
Social media in Egypt
Social media in Egypt is a rather contentious topic. During the second quarter of 2018, a new social media law was approved and signed into law in Egypt. This law stated that social media accounts with more than 5,000 followers will be regulated and treated like media outlets. The reason by the government was that it needs to punish those who create and distribute fake news, however, the law has to date been used to silence and ban legitimate news outlets and others that criticize Egypt's government.
Given that, it is interesting and quite clear that authorities in Egypt are more concerned about social media censorship than applying laws fairly across all industries as they've said they will not introduce a tax on social media Ads.
Youssef also explained that Egypt's new unified tax law would merge the collection of income tax with VAT electronically so as to save time. This new electronic process will apparently take only 60 minutes.
Cover image credit: Head office of Egypt's Ministry of Finance in Cairo.Share this via: