The new Value-Added Tax was officially implemented on Friday shortly after the President had ratified it, the Ministry of Finance said in a statement on Saturday. Meetings with business representatives will be held following Eid Al-Adha holiday this week to explain the implementation mechanisms of the new law, according to the statement. The law allows a three-month deadline as a transitional period for companies to adjust their conditions, the statement added, stressing that no fines would be imposed for a delay in payments of the due tax. According to Article 9 of the VAT Law, bylaws on the tax's implementation will be issued by the Minister of Finance within 30 days from the Law's ratification in the official gazette. (Al Ahram Online)