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Egypt's cabinet approves value added tax bill

Ahram Online , Monday 16 May 2016
Minister of Finance Amr El-Garhy (Al-Ahram)
Minister of Finance Amr El-Garhy (Al-Ahram)
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Egypt's cabinet approved on Monday a long-awaited value added tax (VAT) bill, which will be referred to the State Council for review before being sent to parliament for approval, the cabinet said in a statement on Monday.

Egypt embarked on a fiscal reform programme in July 2014 to clench on a growing state budget deficit through cutting subsidies and introducing new taxes including the VAT.

The VAT is set to replace the sales tax and widen the country's tax base, said the statement.

Earlier this month, the cabinet withdrew the bill, which was previously approved, from the parliament to make a number of amendments, according to local media reports.

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E. G
17-05-2016 09:14am
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6+
Easiest Wayout
Regrettably, this is the easiest way-out for the Egyptian Government to balance the deficit. Instead of finding out other innovative and creative methods to balance the deficit, the government is to impose further taxes. I highly appreciate the comment down by Tut and totally agree with the fact that depreciation of the Egyptian Pound alongside with other factors such as but not limited to imbalance of trade and removal of subsidies of electricity and water are additional indirect taxes the poor could not endure anymore Please try to think out of the box
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2



Sam Enslow
17-05-2016 05:43am
8-
5+
Collapse of Currency
The biggest threat facing Egypt is not terrorism. It is the collapse of its currency and hyperinflation. No one has yet to address the problem of a bloated bureaucracy and runaway government spending on things that only cost money. No one works to tell the people that the government cannot provide what it cannot pay for. There is no free lunch. The private sector must be encouraged, bureaucracy cut, including red tape and employees. Failed companies must be allowed to fail. Corruption is now the biggest tax on the people, but each justifies his 'sweet.' Egypt can only be saved if it restructures its economy, frees its people, and rewards hard, productive work. Economic truths must be faced. 'The Egyptian Way' is not a term of pride but of inertia. The masters, the elites will lose everything unless they elevate the slaves. But the slaves need to accept their responsibilities also. Only a 'Team Egypt' will be able to save Egypt and this cannot be faked. Face reality.
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Tut
16-05-2016 09:46pm
25-
6+
How much more the poor can endure
The pound declined by 20% is an automatic tax hike on all Egyptians, especially the poor. Inflation rising as a result of pound decline and trade imbalance is another tax increase. Removing subsidies on electricity, gas, and fuel is a further tax increase. Now the VAT tax seems like the last nails in the coffins of poor families who hardly can make it!
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