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Half of real estate tax revenues will be directed to bridging the budget defici
Egyptian government resorting domestic borrowing, as a part of its two-sided strategy
Egypt’s Tax Authority (TA) hopes to increase tax revenues to EGP 230 billion, according to newly appointed chairman Mamdouh Omar. The TA plans to promote new leadership to ensure justice within the body, Omar told a meeting with heads of regional bureaus and managers of different departments on Monday. According to commentators, taxation in Egypt …
Lieutenant General Hamdy Wahiba denies El-Brince’s accusations
Spain on the verge of seeking a sovereign bailout
Proposed 10% rise in fuel prices stooped by King Abdullah II
Fears of supply shortages arise as Petroleum minister decides to channel more diesel to power stations
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 …
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 …
Relationship between executive and legislative bodies finalised, subject to vote in the Constituent Assembly
(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 …
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 …
The government began implementation of the new budget decisions last Sunday, after the approval of the Supreme Council of the Armed Forces
The new budget proposal , which is to be implemented in 1 July after SCAF approval, includes a number of reforms designed to re-start Egypt’s growth.
The cabinet finalised the 2012/2013 annual state budget, which will be effective starting July 1, and sent it to the Supreme Council of Armed Forces for approval.