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Egypt to establish company to process VAT refunds to foreigners

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Core inflation climbed to an annual 18% in September from 16.7% the prior month, shows data from the country's statistics agency.

The Egyptian Cabinet has approved the proposal of the Ministry of Finance to establish an Egyptian joint stock company to set up a value-added tax (VAT) refund system, Egypt Today reported.

Global Blue Egypt Company will be a joint venture between Global Blue Public Limited and Global Blue Holland Private Limited.

The company will implement a VAT refund system for foreign visitors leaving the country.

The move is part of the government’s digital transformation strategy.

Last month, Egypt’s economy expanded by 6.6 percent in the fiscal year that ended on June 30, as activity recovered after the coronavirus pandemic, before slowing again due to the impact of the war in Ukraine.

Planning Minister Hala Al-Saeed said in a statement that the economy surged by 7.8 percent between July and March but that growth fell back to 3.2 percent in the period from April to June.