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Costs of future government borrowing bogged down by uncertainty

Return rates on government debt tools have been steadily increasing since former president Mohamed Morsi’s constitutional declaration on 22 November 2012, a fact which has been compounded by repeated credit downgrades seen since the outbreak of the January 25th revolution by international rating agencies.

Daily News Egypt

Inoperative Customs Authority scanning equipment curtails efficiency of customs clearance (AFP PHOTO)

Customs bottlenecked due to outdated scanning equipment

Minister of Finance Momtaz Al-Saeed, has ordered the formation of two committees, legal and technical, to review contracts with an American company providing X-ray scanning equipment to the Egyptian Custom Authority. He has also requested an expedited submission of reports assessing the functionality, or lack thereof, of such devices. In 1998, the Ministry of Finance …

Hend El-Behary

Ministry of Finance tightens fiscal grip

The Ministry of Finance will introduce a new computerised financial surveillance system to rationalise government spending. “The Ministry of Finance has been working on a comprehensive project to computerise the financial operations related to the general state budget,” Minister of Finance Momtaz El-Saeed said on Wednesday. The Ministry of Finance called on government to address …

Islam Serour

Real estate tax to be implemented

The Real Estate Tax Authority (RETA) is about to instate the article 196 real estate tax law, four years after it was first issued, according to head of RETA, Tarek Farag. Farag made the announcement during a seminar to the Association of Taxes Experts. “People who are supposed to pay real estate taxes can do …

Hend El-Behary