Wednesday, May 7, 2008

Egyptian parliament approves tax, fuel price increases.

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Egyptian parliament approves tax, fuel price increases. Egyptian parliament approved the government-proposed law envisaging an increase in taxes and removal of tax breaks for heavy industry, reduction of fuel subsidies, increase in cigarette prices and in licensing fees for cars. Thus, the price of some types of diesel and petrol fuels will go by 40-50%, and natural gas prices will increase by 58%. The price of cigarettes will increase by 10%. The total package is to bring USD 3.6bn to the budget. It should be noted that a week earlier, the cabinet raised wages in public sector by 30%. The move raises fears of renewed protests as the burden of growing prices weighs on ordinary Egyptians. It should be noted that the violent demonstration against price rises in early April left three people dead. In addition, more than 10 have died in the past two months in clashes among people waiting to buy subsidised bread.

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Egyptian parliament approves tax, fuel price increases.

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