Egypt\u2019s cabinet denied reports claiming that the government could impose new taxes on the citizens to face the fiscal deficit, the cabinet said in a statement on Friday. <\/p>\n
\u201cThe Ministry [of Finance] has not issued any decisions in this regard,\u201d the statement read, saying \u201cTaxes could be imposed only by a legal text following an approval of the House of Representatives.\u201d <\/p>\n
\u201cSuch claims are rumors aimed at provoking the anger of citizens and damaging the state\u2019s economic stability,\u201d the statement added, without mentioning the sources of the \u2018claimed rumors.\u201d <\/p>\n
However, the ministry has applied a three-pillar plan to increase its financial resources and the state revenues, mainly joining the unofficial businesses into the state\u2019s sector, increasing the number of tax payers, and fighting the tax-evaders, the statement continued. <\/p>\n
Egyptians are in an anticipation for upcoming increase of electricity prices and the final removal of subsidy on fuel prices due to be applied in July. <\/p>\n
Since 2016, Egypt has embarked on a bold economic reform program that included the introduction of taxes, such as the value-added tax (VAT), and cutting energy subsidies, with the aim of trimming the budget deficit. <\/p>\n
The country floated its currency in November 2016 before it clinched a $12 billion loan from the International Monetary Fund (IMF). <\/p>\n
The IMF Executive Board approved in November 2016 a three-year extended fund facility (EFT) loan to Egypt worth $12 billion to support its economic reform program. <\/p>\n
Recently, the Egyptian Tax Authority started dealing with the unified tax registration number, and replacing all tax file numbers with the unified tax registration number on June 1, 2019. <\/p>\n
The authority clarified that the unified tax registration number is dealt with in all tax assessments, and for all types of taxes, whether income taxes, value added or other. <\/p>\n
Egypt Today<\/p>\n","protected":false},"excerpt":{"rendered":"
Egypt\u2019s cabinet denied reports claiming that the government could impose new taxes on the citizens to face the fiscal deficit, the cabinet said in a statement on Friday. \u201cThe Ministry [of Finance] has not issued any decisions in this regard,\u201d the statement read, saying \u201cTaxes could be imposed only by a legal text following an […]<\/p>\n","protected":false},"author":40,"featured_media":136467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7863],"tags":[44354,2484,7955,27312],"class_list":["post-136466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-section","tag-eft","tag-egypt","tag-imf","tag-vat"],"yoast_head":"\n