Egypt’s Ministry of Finance revealed that the Government targets to raise economic growth rate to 6.5 percent in 2019, compared to 5.3 percent in the previous fiscal year, to reach a domestic product of LE 6.214 trillion and break the LE 6 trillion barrier.
The publication of 2019 budget also showed a target to achieve primary surplus of 2 percent before deducting the interest rates of the public debt, which contributes to reducing the state's budget deficit to 7 percent and decreasing the inflation rate to 10.9 percent on a year-on-year basis.
The Egyptian Cabinet approved a proposal for a limited tax amendment on the proceeds of permits and bonds to comply with international practices.
According to the Ministry of Finance, the proposed amendment deals with some imbalances in its application without imposing any new tax burdens on the tax rate or tax policy on investors in Government securities, while maintaining the tax rate on the returns of Government bonds at 20%, and tax on commercial and industrial profits at its current level at 22.5%.
Source (Al-Sharq Al-Awsat newspaper, Edited)
