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New fiscal measures to address state budget deficit

By Islam Zayed and Mohamed Abdel Monsef The Government has prepared a new bundle of legislation aimed at increasing national revenue and alleviating budget strain. The legislation is scheduled to be enacted by year’s end. The Ministry of Finance (MOF) will enact further legislation to collect overdue taxes. The new bill resembles the tax payment …

Daily News Egypt

Housing Authority completes the development of 153 villages in Upper Egypt

By Mohamed Darwish The Central Authority for Housing (CAH) concluded the development of 153 villages at the beginning of the month, costing EGP 2.5 billion. The development rate in 373 villages reached 45%, costing EGP 3.5 billion in the Sohag, Assuit, Qena, Luxor and Menya governorates. General Mahmoud El-Maghawry, Director of the CAH, said that …

Daily News Egypt

Israel to vote on sweeping austerity measures

(AFP) – Ministers in Israel’s cabinet were on Monday preparing to vote on a package of sweeping economic austerity measures in a bid to cut the budget deficit, in a move expected to hit the underprivileged hard. Central to the plan is a hike in income tax and VAT, as well as a 700 million …

Daily News Egypt

Previous fiscal year characterised by rising GDP deficit

The Egypt Economic Performance Report for July-May of the fiscal year 2011-2012 revealed a continued rise in the overall GDP deficit, valued at EGP 136.5 billion or 8.8% of GDP, compared to EGP 112.6 billion for the same period last year. The former has dropped by 2.9%, as opposed to the latter, which dropped by …

Daily News Egypt

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