Egyptian Cabinet - File Photo
CAIRO – 18 October 2017: The Information Center of the Cabinet of Ministers denied on Wednesday rumors about controversial issues that were spreading from October 15 to October 18.
1. No VAT increase
The Ministry of Finance confirmed that the value added tax will not exceed the applied rate of 14 percent. It aims to attract more local and foreign investments and raise the economic growth rates to six percent within five to seven years from 2018-2019 fiscal years. The ministry also referred to Egypt’s strong financial position and the many measures taken to facilitate the arrival of international investors.
2. Income tax law will not be amended
The ministry will not amend the income tax law for the current fiscal year. Its talks with the delegation of the International Monetary Fund (IMF) will only review the measures taken to implement the economic reform project; denying rumors circulating around the IMF’s request for imposing progressive taxes.
3. Government tests employees competency, but doesn’t plan on firing them
The government has no intention to lay off state employees after conducting tests to assess their competence, head of the Central Agency for Organization and Administration Mohamed Jamil said. The evaluation aims only to set up plans for training programs necessary for the needs of employees, Jamil added.
4. Blood-derived medication has not be withdrawn
Blood-derived medicine and medical solutions are available in markets; denying any rumors about their disappearance from markets, the Ministry of Health declared.
5. Salamlik palace will be restored
As for the Ministry of Antiquities, Salamlik palace in Alexandria will not be demolished; instead, the palace will be renovated to maintain its historic style.