The Egyptian Federation for Construction and Building Contractors has reached agreements with official bodies to compensate contractors for losses incurred due to the increase in prices of building materials following the flotation of the local currency, according to Hassan Abdel Aziz head of the Federation, reported Al Mal.

He further noted that the federation is working on mitigating the costs of building materials following the enforcement of the value-added tax (VAT) to ensure the completion of ongoing projects. Abdel Aziz also stated that the federation recently agreed with the Egyptian Tax Authority to issue the executive regulations for the VAT, whereby they will be officially issued on May 15.

An agreement was also settled to establish a tax office within the federation’s headquarters to facilitate the collection of taxes from federation members, and to register their companies under the official tax system.