12 December 2012

Egypt: Qandil - Tax Amendments Part of National Program

Prime Minister Hisham Qandil said on Tuesday 11/12/2012 that his government has plans to create around 800,000 jobs in various sectors.

At a press conference, he added that these jobs would be provided through creating a more appropriate investment atmosphere and setting up more companies.

He further noted that the plan includes also upgrading education so that students are groomed up to meet the labor market needs.

As for a recent controversial taxation law, Qandil said that a societal dialogue will start next week on this score with senior economists and political and media people participating.

The premier criticized media reports that tackled inaccurately the new tax law which was issued by President Mohamed Morsi.

The amendments on the law appeared in an inaccurate way in some newspapers and satellite channels, Qandil underlined.

These amendments are part of the government's policy for financial and economic reform that was presented for national dialogue for four days, he added.

Qandil pointed out that the real estate tax would be applied as of July 2013 in which private houses worth less than two million would be exempted.

About 25% of the tax revenues will be allocated to develop slums, he added.

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