Midar offers investment opportunities in its newest project, Mada, in East Cairo    Mercon Developments introduces Nurai Project in New Cairo with EGP 10bn investment    Madinaty to host "Fly Over Madinaty" skydiving event    China's revenue drops 2.7% in first four months of '24    Turkish Ambassador to Cairo calls for friendship matches between Türkiye, Egypt    FTSE 100 up, metal miners drive gains    China blocks trade with US defence firms    Egypt's c. bank offers EGP 4b in fixed coupon t-bonds    Health Ministry adopts rapid measures to implement comprehensive health insurance: Abdel Ghaffar    Rafah crossing closure: Over 11k injured await vital treatment amidst humanitarian crisis in Gaza    Nouran Gohar, Diego Elias win at CIB World Squash Championship    Coppola's 'Megalopolis': A 40-Year Dream Unveiled at Cannes    World Bank assesses Cairo's major waste management project    Russian refinery halts operations amid attacks    Partnership between HDB, Baheya Foundation: Commitment to empowering women    NBE, CIB receive awards at EBRD Annual Meetings    Venezuela's Maduro imposes 9% tax for pensions    Health Minister emphasises state's commitment to developing nursing sector    20 Israeli soldiers killed in resistance operations: Hamas spokesperson    K-Movement Culture Week: Decade of Korean cultural exchange in Egypt celebrated with dance, music, and art    Empower Her Art Forum 2024: Bridging creative minds at National Museum of Egyptian Civilization    Niger restricts Benin's cargo transport through togo amidst tensions    Egyptian consortium nears completion of Tanzania's Julius Nyerere hydropower project    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Swiss freeze on Russian assets dwindles to $6.36b in '23    Prime Minister Madbouly reviews cooperation with South Sudan    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Amal Al Ghad Magazine congratulates President Sisi on new office term    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Negotiations with IMF are fruitful, first portion to be provided before year's end: Finance Minister
VAT in FY 2016/2017 will render the state EGP 20bn and EGP 32bn in FY 2017/2018
Daily News Egypt Published in Daily News Egypt on 19 - 09 - 2016

Negotiations with the International Monetary Fund (IMF) are ongoing, according to Finance Minister Amr El-Garhy. He said that the loan aims to achieve structural and economic achievements during the current period.
The Egyptian government aims to borrow $12bn over three years, in tranches of $4bn every year.
Egypt has obtained an approval by experts of the fund to borrow $12bn, which will see public debt decline to 88% during fiscal year (FY) 2017/2018.
El-Garhy said that the IMF loan is crucial for the Egyptian economy, and the government is working to provide a social protection programme for lower-income citizens, under the name karama wa takaful (solidarity and dignity), which will target $2m in FY 2016/2017 and $3m in FY 2017/2018.
The Finance Ministry aims to increase tax revenues to 16-17% of the gross domestic product (GDP), according to El-Garhy. He noted that the government has already started the tax reform process in the past few days.
Ahmed Kojak, deputy finance minister for monetary policy, said that the country will obtain the first portion of the IMF fund a few days following the fund's management's approval. The portion is estimated at $2.5bn.
The parliament approved the value added tax (VAT) at 13% in FY 2016/2017 in late August, and it is expected to be increased to 14% in FY 2017/2018.
Deputy Minister for Tax Policies Amr Mounir said that he expects the VAT to achieve revenues of EGP 20bn by the end of FY 2016/2017. The amount is expected to jump to EGP 32bn in FY 2017/2018.
In an exclusive statement to Daily News Egypt, Mounir said that the executive regulations of the law will be issued mid-October.
The VAT is considered one of the most important economic reforms currently carried out by the Ministry of Finance.
The ministry aims to expand the tax community and allow the non-official economy into the system in order to decrease the overall deficit.
A source in the Ministry of International Cooperation told Daily News Egypt the approval of the VAT is one of the main conditions stipulated by IMF to provide the loan worth $3bn.
The ministry aims for the deficit to register 9.8% of GDP in FY 2016/2017.

Clic here to read the story from its source.