OLD TRICKS, NEW TRICKS.
Posted: Sat Aug 03, 2019 4:41 pm
in the good old days of Mubarak, (never thought I would ever write that), when the President made a statement, it was, well, presidential, let me give an example,......When a new tax needed to be raised, he would form a sort of committee of members of parliament, most preferably the one he least liked, and especially those who he thought was like a thorn in his backside. This committee would publish details of the new tax which the media would inform Joe public that a new tax of 10% had been set, and certainly a list of the M.P.'s who had agreed this was added. Often public outrage would follow, then suddenly Mubarak would make a presidential speech on television to the nation. "As father of the nation I am appalled at such a high rise of this tax, I reduce this to 5%". etc, etc. Praise to the president, and certain deselection for mentioned M.P.'s.
In this past year alone tax revenue in Egypt has raised by 15% more than the previous year. This has all become so because of a loan from the International Monetary Fund (I.M.F.), under 'chief cashier' Madame Lagarde, who as I have commented in the past is no friend of the poor, weak or destitute. At the end of last month Egypt received it final payment of $2 Billion of the $12 Billion loan. It was announced last month that V.A.T. in Egypt which presently stands at 14% is to be increased, and,.......a committee is to be set up to advise on the new rate. So ignore the first figure you will hear of probably 25%, which in my opinion will be 20%.
I am informed that ex-pats who OWN their homes are to be offered citizenship, but this comes at a price. The ex-pats must deposit at least $10,000 into a Egyptian LE bank account to show their commitment to the nation of Egypt. If the applicant is refused he or she will be able to claim a refund of deposited hard currency cash. I should point out at this stage, that with the present rate of TRUE inflation and devaluations, the true annual cost of this type of citizenship would be around $2,000 per year. To encourage permanent resident ex-pats to take up this idea of citizenship, new charges are to be incurred,......what they are, have as yet, have not been published.
The Bank of Egypt has stated that inflation is below 10%, and core inflation is 6%, where they are getting these Mickey Mouse figure from is anyone's guess, but they are certainly not true.
In this past year alone tax revenue in Egypt has raised by 15% more than the previous year. This has all become so because of a loan from the International Monetary Fund (I.M.F.), under 'chief cashier' Madame Lagarde, who as I have commented in the past is no friend of the poor, weak or destitute. At the end of last month Egypt received it final payment of $2 Billion of the $12 Billion loan. It was announced last month that V.A.T. in Egypt which presently stands at 14% is to be increased, and,.......a committee is to be set up to advise on the new rate. So ignore the first figure you will hear of probably 25%, which in my opinion will be 20%.
I am informed that ex-pats who OWN their homes are to be offered citizenship, but this comes at a price. The ex-pats must deposit at least $10,000 into a Egyptian LE bank account to show their commitment to the nation of Egypt. If the applicant is refused he or she will be able to claim a refund of deposited hard currency cash. I should point out at this stage, that with the present rate of TRUE inflation and devaluations, the true annual cost of this type of citizenship would be around $2,000 per year. To encourage permanent resident ex-pats to take up this idea of citizenship, new charges are to be incurred,......what they are, have as yet, have not been published.
The Bank of Egypt has stated that inflation is below 10%, and core inflation is 6%, where they are getting these Mickey Mouse figure from is anyone's guess, but they are certainly not true.
