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90% of food commodities are exempt from VAT, says Finance Minister
Finance Minister Schäuble has presented Germany with another balanced budget to cement his reputation for austerity. But, with the country in need of social investment and interest rates low, isn’t it time to borrow?
The German cabinet has thrown its weight behind Finance Minister Wolfgang Schäuble’s draft budget for next year and his financing plans up to 2020. The main message is no fresh borrowing will be needed.
The German government has said Europe’s powerhouse will not move away from its budgetary policy of zero fresh borrowing, Brexit or not. It’s Berlin’s way of sending a “signal of continuity,” but not everyone is amused.
The budget was approved with a total deficit of 9.8% and some amendments, says Kojak
Voting session will pass the draft if it gets more than 350 votes; with attempts to convince Free Egyptians and Al-Wafd parties to approve
Government pledges to provide EGP 5bn for health insurance outside the ministry’s expenses
This comes a few weeks after the Administrative Prosecution called on the cabinet to immediately enhance the sector’s capacity
Al-Sisi headed the meeting in which an array of topics was discussed including terrorism in Sinai
El-Garhy and El-Araby meeting to increase budget allocations to three ministries by 10%, according to sources
Goods and services tax constitutes 46.5% of total tax revenues
The government hopes to reduce the budget deficit to 9.8% and control public debt by raising revenue and reducing expenses.
External debt is within safe limits and can be managed, but local debt is worrying, Jarvis says
Special committees to be formed upon Al-Sisi’s approval of the bylaw in preparation for discussions
Minister of Finance expects 9.9% state budget deficit, 5.2% economic growth
German Finance Minister Wolfgang Schäuble is confident that Europe’s powerhouse can fare without fresh borrowing up to 2020. Higher labor market spending is to be offset by steadily rising tax revenue.
Estimated tax revenue amounts to EGP 444.4bn, with growth rate of 5% compared to current fiscal year
Finance Ministry targets a deficit of 10.5% for the next fiscal year, compared to a target of 8.9% for this year; CBE’s decision will aggravate the deficit to 11.5%
The decision is expected to have far-reaching repercussions on the deficit and inflation of the state budget
We do not target specific dollar exchange value in new budget, says Minister of Finance
Government custom revenues recorded 8.7% of total value of imports in first five months of FY 2015/2016
Mega projects were a catalyst for some private sector investments and helped lift business confidence in Egypt, says Fitch Senior Director
Ministry issued a similar statement in December 2013 regarding accusation of EGP 400bn embezzlement
Government sets ambitious goal for economic growth to reach 5%-5.5% in upcoming fiscal year
FY 2016/2017 draft budget will be the first discussed by parliament in five years
Detailed defence budgets on global scale not made public, only aggregated numbers are published, says military source
Energy subsidy falls to EGP 52.3bn, grants reduced by EGP 70bn, says Minister of Finance
Hiking transport prices reduces budget deficit, Mattar says