It stressed that there is absolutely no truth to claims of a
dispute, affirming that the law is clear, there is full agreement on all
matters, and the executive regulations will be issued soon.
The Authority clarified that the Egyptian General Petroleum
Corporation (EGPC) is the sole buyer of crude oil in Egypt and bears the 10
percent VAT as the recipient and beneficiary of the commodity, whether locally
produced or imported, and remits the tax accordingly.
It further noted that subjecting crude oil, not petroleum
products, to the 10 percent VAT will have no impact on the prices of petroleum
products in the local market.
The Authority urged media outlets to verify information with
the relevant authorities and ensure accuracy in reporting, in the public
interest.