9 January 2013

Egypt: Former PM Urges Govt to Cut Down On Expenditures

Former prime minister Ali Lotfi urged on Wednesday Egypt's government to cut down on its expenditures instead of calling on the public to tighten the belt.

The government pays around 59 billion pounds in monthly bonuses in light of a budget deficit that has reached 167 billion pounds with a 67 percent increase compared to the last fiscal year.

At a conference the Egyptian Franchise Development Association (EFDA) organised today, Egypt's growth rate in the World Bank's statistics is annually declining due to a number of indicators, chief among them is the vague tax policy vision.

The state wastes around 4 billion pounds every year when it does not implement the real estate tax law, Lotfi stated.

The former prime minister called for implementing radical solutions to combat partial and full tax evasion and putting a plan to collect arrears and prop up investments in Egypt.

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