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Minister of Finance says additional revenue vital to reining in budget deficit
So, the constitutional referendum, as expected, has passed with flying colours. Official results cite a turn out that’s over 20 million people who voted Yes for the constitution by 98%. It is again worth noting that the supreme majority of those who voted for the constitution didn’t bother reading it or care what was in …
Tax Authority announced that it has collected EGP 80.3bn, while the tax revenue in the CBE is EGP 49.81bn.
Galal discloses that the CBE has held onto a $9bn deposit since the 1990s, which the government will use to finance its two stimulus packages
Since the ouster of President Mohamed Morsi on 3 July this year by the military with support of the masses, Egypt is witnessing a unique example of governance models: all-in-one leadership style. Officially, we have Mr Adly Mansour as the interim president of the country until the so-called roadmap is accomplished sometime hopefully this coming …
Ministry says it has received cabinet approval for draft law, now awaiting presidential ratification
Amendments to property taxes receive approval from cabinet, awaiting presidential approval
Ousted president Hosni Mubarak had his own economic model that can be described as an incoherent blend combining the disadvantages of both capitalism and socialism in one entity. We can easily call it Mubarakonomics. A pro-rich neoliberal model in a fat nonfunctioning extremely centralised state. Under such a model, the middle and lower income groups …
While the government recently announced a EGP 29.6bn stimulus plan, it failed to detail its sources of financing, prompting many analysts to question its viability.
New amendments aim to accommodate latest economic and financial developments
An additional 1,200 post offices have also begun taking part in the system, bringing the total number of participating payment stations to 4,520. He added that the system had been set up during July and August of last year.
The cabinet will raise basic wages of state employees by 10% in an attempt to “allow workers to afford basic life necessities”
Galal announced that no property taxes or income taxes would be modified “in order to not harm the economy.”
The law will affect all new homeowners, who will pay a tax of 10% on the total value of their property.
The Daily News Egypt spoke to Egyptian economy experts to gain their insight on how the new government should manage the current economic crisis.
Banking figures dissatisfied with Shura Council’s decision to raise taxes on loan loss provisions, likely to affect investments
Egypt’s Finance Ministry rules that real estate taxes for hotels will now be determined by their “market replacement value”
Government official: No further NSGB-QNB deal taxes, any already collected to be refunded
Another meeting between OCI and the Egyptian Tax Authority scheduled for Sunday
A government source revealed last week that the IMF is displeased with Egypt’s implementation of its economic and social reform programme, raising concerns of further negotiations over the loan
The service will be available to individuals, companies and institutions, with 360 payment centres already up and running
The EGX30 plunged more than 126 points as news of the ban circulated
The tax on transactions will have a ‘disasterous’ effect on an already suffering market, they say
IMF loan negotiations with Egypt are to resume early March after talks were postponed due to the country’s political turmoil and economic slump, Morsi’s recent austerity measures aim to make Egypt eligible for the loan
The government singling out the tobacco industry, says the Head of the Tobacco Division at the FEI
Tax Authority aims to help government limit the budget deficit
Gradual increase in water prices, taking place over a five-year period starting with January 2013, would seek to control and regulate consumption
By Mahmoud Kasas Experts in finance and investment banking agreed that the government’s recent decision to postpone the signing of the $4.8 billion IMF loan will have a negative impact on the country’s economic climate. “Postponing the loan will deter investors seeking to do business in Egypt,” said CEO of CI Capital investment bank, Mahmoud …
Egypt Delays IMF Loan Deal – The Big Impact
Government retains the right to demand taxes