Egypt’s business digest Aug. 29: VAT to be applied next October: Finance Ministry
Designs of proposed administrative capital on Suez - Cairo Road - YOUM7

CAIRO: No more browsing from site to site, view the top business news stories on August 28 here:

VAT to be applied next October: Finance Ministry

The value-added tax will be applied in Egypt starting from October at 13% with a target outcome of 20 billion EGP in 2016/2017, Reuters reported Monday.

Current work at administrative capital worth 10B EGP

Works executed at the new administrative capital are worth 10 billion EGP, and five billion EGP have been allocated to install infrastructure facilities, deputy head of the New Urban Communities Authority told Youm7 Monday.

Customs Authority yield profits of 28B EGP

The Customs Authority yielded profits of 28 billion EGP in 2015/2016 with a 22-percent increase from last year, said the authority in a Monday state.

Petrobel pumps $948M into exploration, development of gas, oil fields

Belayim Petroleum Company (Petrobel) has allocated $948 million for further exploration and development in gas and oil fields, according to a Monday statement by the company.

Investment authority, JETRO sign investment memo of understanding

The General Authority for Investment and Free Zones and the Japan External Trade Organization (JETRO) signed a memo of understanding in the field of investment to exchange information and experiences and organize joint workshops, Youm7 reported Monday.

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