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Vol 56 No 11

Published 29th May 2015


Egypt

Taxing tensions

The government’s promises of tax-free investment sit ill with a Finance Ministry desperate to increase revenue

President Abdel Fatah el Sisi has thrown his weight behind a campaign to launch a strong economic recovery by attracting billions of dollars of private investment. This includes events such as March's Egypt Economic Development Conference in Sharm el Sheikh and a World Economic Forum regional conference in the same Red Sea resort next May. However, while El Sisi seeks to convince investors that they will be able to do business with no red tape and with rock-bottom taxes, his Ministry of Finance needs as much tax revenue as it can get in order to bring down a fiscal deficit stuck at well over 10% of gross domestic product.

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