22 May 2014

Egypt: Finance Minister - Taxes On Rich People to Be Imposed for Only 3 Years

Finance Minister Hany Qadry Dimian asserted that the taxes that would be imposed on the rich people, whose income exceeds LE1 million per annum, by 5% would be applied only for three years without prolonging the time.

Dimian pointed out that those rich people would be allowed to pay the tax dues in cash or in kind in the form of raw materials or public services.

Dimian also asserted that the coming period would witness offering three big investment projects under the PPP system in the fields of communications and maritime transport.

Dimian also affirmed that the finance ministry does not intend to push up taxes on cars, adding that any amendment to the tax system or subsidy system would be introduced only after consulting with business organizations, topped by the American Chamber of Commerce and entering into a societal dialogue.

Dimian said the financial aid received from the Gulf States is expected to reduce the budget deficit by the end of this year from 15% to 11% of GDP.

This came during the minister's speech at a conference of the American Chamber of Commerce on Tuesday 20/5/2014 entitled "Attracting Investment and Ensuring Revenue, a Government Dilemma."

He said that what Egypt is going through now must be managed as a promising opportunity to move forward through economic reforms that keep pace with political reforms.

"The government is aware of the difficulties and challenges but it has solutions and mechanisms to build the future of Egypt and achieve a breakthrough in the economy," he said.

"The stock market is doing well," he added. "But it will do better if there is a strong economic basis."

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