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Egypt: No intention to impose tax on bank deposits

A worker gesturing for cars to move as others fill up a at a petrol station in Cairo, Egypt [KHALED DESOUKI/Getty Images]
A worker gesturing for cars to move as others fill up a at a petrol station in Cairo, Egypt [KHALED DESOUKI/Getty Images]

The Egyptian Ministry of Finance has dismissed rumours circulating in media reports that taxes are to be imposed on Egyptians’ bank deposits as an attempt to support the government in its efforts to ease the repercussions of the coronavirus pandemic.

The ministry added that no new tax could be imposed except in accordance with the law and after the parliament’s approval.

The ministry also denied reports that government spending in the health sector was being cut in the fiscal year 2020-2021, noting that the same year’s public budget indicates an increase by 47 per cent in public health expenses. The increase is set to reach 258.5 billion Egyptian pounds (around $16 billion) in the fiscal year 2020-2021 compared to 175.5 billion Egyptian pounds (around $10.8 billion) in 2019-2020.

Opinion: Egypt deserves better 

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