President Abdel Fattah El Sisi issued on Sunday the Value Added Tax (VAT) law after it was approved by the House of Representatives.

The law, to be published in the Gazette, revokes law no. 11/1991 on sales tax.

The new law will give companies subject to the law three months as a transitional period in order to adapt to the new law with no fines whatsoever due to delay in paying the new tax, according to the Finance Ministry