The People’s assembly has approved the draft law on stamp duty and resource development which calls for a cut in relative tax on commercials in the media to 15% from an original 36% while abolishing g...

The People’s assembly has approved the draft law on stamp duty and resource development which calls for a cut in relative tax on commercials in the media to 15% from an original 36% while abolishing gender tax on all other forms of advertising.  The law commits the advertiser and his agency to inform the tax authority of the commercials which are in print or broadcast while clarifying the value of the advertisement and due tax. The advertiser is to bear the value of the tax and the media channel is committed to the collection and return of the tax to the authority within three months.  Awareness media campaigns will be exempted from tax. Tax cuts on life insurance installments or insurance against disease and injury have dropped to 1% from 3%.  Other taxes on insurance policies, horse races, bird hunting has also dropped to 20% from 60%.  Tax dispute cases have been regulated and finalized for amounts that are less than 5000 pounds.  Stamp and transportation taxes have been cut to 10%. (source: Al-Wafd)