Egyptian Government Officials Positive Over Income Tax Bill

by Lorys Charalambous, Tax-News.com, Cyprus

12 November 2001

The Egyptian Minister of Finance Medhat Hassanien has defended his government's recently proposed income tax bill as vehicle that will raise local savings rates and promote mutual confidence between the tax department and taxpayers.

Speaking during a conference to discuss the draft income tax law at the Egyptian Centre for Economic Studies last week, Hassanien described the new bill as part of the government's economic reform policy although the subject of tax exemption has yet to be presented to the general public for consultation.

Also at the conference was Gamal Mubarak, a member of the ruling National Democratic Party (NDP) secretariat, who also lauded the bill. He said: 'Upgrading the tax system must go in parallel with all other reforms ... we are aiming at the medium level to augment the volume of taxpayers and hence increase the collected taxes for the good of the economy in general.'

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