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Egyptians await more price rise as parliament approves new VAT

Thursday, 01 September 2016 12:15 AM [ Last Update: Thursday, 01 September 2016 12:17 AM ]

Finance Minister Amr El-Garhy at a news conference in Cairo, Egypt August 11, 2016. (REUTERS)

Mohammed Shalaby
Press TV, Cairo

The Egyptian parliament has approved a law introducing a value-added tax of 13 percent. The move is a key part of the government's plan to reform the economy and cut its budget deficit. However, the decision could stoke inflation and increase pressure on tens of millions of Egyptians who are already suffering from dire economic conditions.

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