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Egypt plans sales tax hike to increase state revenues
- Egypt: Saturday, March 09 - 2013 at 05:48
Egypt plans to increase sales taxes on six goods to raise state revenues by around EGP13bn (roughly $2bn), in a bid to curb the budget deficit to meet International Monetary Fund (IMF) preconditions for a $4.8bn loan, Ahram has reported. Cigarettes, soft drinks, steel rebar, cement, mobile phone calls and alcoholic products will see price hikes once the country's upper house of parliament, the Shura Council, ratifies the new levies.
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