Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Opinion
  • Feature
  • Timeout
  • Entertainment
  • Sports
  • Sci-Tech
  • Others
    • COVID-19
    • Today’s Pic
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Opinion
  • Feature
  • Timeout
  • Entertainment
  • Sports
  • Sci-Tech
  • Others
    • COVID-19
    • Today’s Pic
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

Egypt introduces tax, fee hikes to boost govt revenues

IANS
Updated: May 29th, 2023, 10:39 IST
in Business, International
0
Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

Cairo: The Egyptian Parliament has approved new tax and fee hikes on a number of imported goods and entertainment activities to boost government revenues amid strained public finance.

On Sunday, Parliament approved amendments to three laws that will impose an additional 1 per cent stamp tax on life insurance premiums, 2 per cent on physical injury insurance premiums, and 11 per cent on land, river, maritime, and air transport insurance premiums, Xinhua news agency quoted state-run Ahram Online as saying in a report.

An additional 3 per cent tax will also be imposed on all goods purchased from duty-free shops that exceed $5, with a minimum tax of $1.5.

Foreign films in cinemas, operas, and ballet shows as well as circus events will also be subject to a new five-percent tax.

In addition, there will be another 3 per cent tax on food and beverages at these locations. The amendments also stipulate a new 10 per cent tax on public parties in sporting and social clubs.

“The new taxes will be imposed on luxury and non-essential goods only and will not impact low-income citizens,” Minister of Finance Mohamed Maait told parliament members.

The Minister revealed that the new package is expected to generate 5 billion Egyptian pounds ($160) in revenues, an amount necessary to help narrow the widening budget deficit because of increasing public expenditure.

Maait noted the generated revenues will be used to cover part of the money allocated to social safety programs and Takaful and Karama pensions, which will cost 270 billion Egyptian pounds, and provide fuel and bread subsidies, which will also cost 150 billion Egyptian pounds, in the new fiscal year of 2023-2024.

Meanwhile, a new 10 per cent tariff has been imposed on a number of imported luxury goods, according to Ahram Online.

Tags: EgyptGovt revenue
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

Related Posts

Donald Trump

Trump attends civil trial in New York court, attacks proceedings

October 3, 2023

100+ dolphins succumb to extreme heat in Amazon

October 3, 2023
Nobel prize, mRNA, Award, Funding

‘Nobel winning mRNA tech publicly funded, not by pharma’

October 3, 2023
DY Chandrachud

Chief Justice D Y Chandrachud pays homage to Mahatma Gandhi on UK visit

October 2, 2023
Donald Trump

Donald Trump arrives in court for trial scrutinising his business practices

October 2, 2023
Sheikh Rashid

Pakistan court gives police one week to recover Imran Khan’s key ally Sheikh Rashid

October 2, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

No Content Available

Archives

Editorial

Peso Vs Dollar

October 3, 2023

The ‘pink tide’ that swept across much of Latin America in the past few months installing Leftist governments in Brazil,...

Read more

‘Scandals’ In China

October 2, 2023

Something is seriously wrong in China. Even as it goes on testing India’s military mettle and teasing the political leadership...

Read more

Discrimination

October 1, 2023

Four centuries ago, the ambassador Sir Henry Wotton defined a diplomat as “an honest gentleman sent to lie abroad for...

Read more

Inspirational Tale

September 30, 2023

Transfers are an essential tool for the government to maintain control. However, frequent transfers of babus, especially those who perform...

Read more
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Opinion
  • Feature
  • Sports
  • Sci-Tech
  • About Us
  • Advertise
  • Contact Us
  • Career
Developed By Ratna Technology

© 2020 All rights Reserved by OrissaPOST

  • Home
  • Metro
  • State
  • National
  • International
  • Sports
  • Business
  • Entertainment
  • Feature
  • Opinion
  • Sci-Tech
  • COVID-19
  • Today’s Pic
  • About Us
  • Contact Us
  • Career
  • Facebook
  • Twitter

© 2020 All rights Reserved by OrissaPOST