Sultans Law is pleased to announce that it successfully secured a final favorable decision of EGP 7 million VAT reduction for a major Turkish conglomerate (the Client).
Egyptian Tax Authority imposed approximately EGP 7 million VAT on the Client’s sale of land and manufacturing buildings of EGP 54 million.
Sultans Law team successfully challenged the decision before the Tax Appeal Committee evidencing that the sale was only for assets rather than the business which is exempted from VAT according to Item 28 of the list of the exempted goods and services of Law No. 67 of 2016 (the VAT Law).
Sultans Law team was led by Samer Sultan, managing partner who was supported by Mikael Saad, senior associate.