The General Federation of Chambers of Commerce, headed by Eng. Ibrahim El-Araby, and the Egyptian Tax Authority, headed by Reda Abdel-Qader, signed a protocol in the final version to define the procedural rules for collecting value-added tax on platinum, gold, silver and precious stones works in light of the value-added tax law promulgated by Law No. 67 of 2016 and its executive regulation
Abdel Qader said that the signing of this protocol comes within the framework of the Authority endeavor towards the correct application of the provisions of the Value Added Tax Law promulgated by Law No. 67 of 2016, and its executive regulations issued by Minister of Finance Resolution No. 66 of 2017, and out of belief in the Authority responsibility in collecting the dues of the state’s public treasury.
and From his side, Engineer Ibrahim Al-Arabi, President of the General Federation of Chambers of Commerce, said that the mentioned tax that was agreed upon with the Tax Authority under this protocol will be calculated on the average price of workmanship only and not on the total value, indicating that determining the average price of workmanship that was agreed upon was determined based on The recommendations that had been made by the General Division of Gold Works in the Federation of Chambers of Commerce.
and He added that the signing took place after stages of negotiation and discussions between the General Division for Gold and Gold Works in the Federation of Chambers of Commerce and the Tax Authority to determine the fair value on which the tax is calculated, taking into account the interest of the state and its collection of its dues and taking into account the interest of the merchant and without affecting the final price of gold products or consumer interest.
and For his part, Hani Milad, Head of the General Division for Gold and Jewelery, said, “The signing of the protocol and the determination of the average workmanship on the basis of which the paid tax is determined will not affect the prices of goldsmiths in the markets, indicating that the merchant pays that tax actually with stamping the gold works and before selling them in the markets.
He explained that the protocol came within the framework of the fruitful and continuous cooperation between the Egyptian Tax Authority and the General Federation of Chambers of Commerce to determine the fair value as a basis for calculating the tax. Ornaments and jewelery.
Milad expressed his thanks to the head of the authority and the workers in charge of preparing this protocol for their efforts. And they showed him cooperation, flexibility and keenness to implement the law.
The signing of the protocol by the Egyptian Tax Authority was attended by Mokhtar Tawfik, Vice President of the Egyptian Tax Authority, Salah Youssef, advisor to the head of the department, Mr. Alaa Issa, Head of Tax Research and Studies Sector, Dr. El-Sayed Mahmoud Saqr, Head of the Regions, Centers and Ports Affairs Sector, and Mrs. Shahinaz Al-Kallaf, Head of the Central Administration for Tax Studies, Dr. Moawad Khalil, Director General of the Technical Office of the Chairman of the Authority, On the part of the Gold and Jewelery Division, Lotfy Mohamed Mounib, Vice President of the Division, And Lucien Latif, the accountant and legal advisor to the Division, And Osama Al-Jalla, Secretary General of the Division.