Cairo - Mubasher: The Egyptian Tax Authority has exempted consumer financing companies and service providers from the value-added tax (VAT), the Deputy Chairman of the Financial Regulatory Authority (FRA), Islam Azzam, revealed.
The FRA has been working on removing all obstacles facing the sector and it contacted the tax authority to add the consumer financing activity to other non-banking financial services exempted from VAT, Azzam said in a statement on Wednesday.
Currently, there are 12 consumer financing companies and 13 service providers in Egypt, he added.
During the first five months of 2021, the value of consumer funding reached EGP 5.5 billion provided to about 515,000 customers.
