Egypt aims for budget deficit to 4 per cent of GDP by mid-2015

Ahram Online, Monday 4 Jul 2011

Reforms for next five years will include income tax amendments, enlarging the tax base and increased cigarette levies, says draft budget from Finance Ministry

Egypt aims to reduce its budget deficit to 4 per cent of GDP by the 2015/16 financial year, according to a draft budget published on the Finance Ministry website. 

Suggested reforms to achieve this goal over the next five years include amending the income tax law, enlarging the tax base, gradually increasing levies on cigarettes "to reach international rates" and limiting some customs exemptions. 
 
Egypt cut its budget deficit target for this fiscal year, which started on Friday, to 8.6 per cent of GDP from an initial 11% for FY2011/12.
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