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Egypt orders private funds to hand over 20% of revenues

The Egyptian finance ministry has ordered that 20% of revenues from the country's 'private funds' be added to the state budget, Ahram has reported. Private funds are monies raised by Egyptian state institutions through means other than customs or taxes, such as revenue from hospital fees or parking tickets. Based on the 2012/13 draft budget, a fifth of these funds will now go into the state's main coffers, in an injection the ministry says will be equivalent to EGP10bn-15bn per year.