Egypt dismisses rumours of imposing tax on bank deposits

Egypt on Friday dismissed rumours circulating through media reports that said the country intended to impose tax on Egyptian banks’ deposits in a bid to ease the repercussions of the coronavirus pandemic.

The Ministry of Finance asserted in a statement that no new tax could be imposed except in accordance with the law and after the parliament’s approval.

The ministry also denied reports that government spending in the health sector was being slashed in the financial year 2020-2021. It added that the same year’s public budget already indicates a rise by 47 percent in public health expenses.

The rise is expected to reach 258.5 billion Egyptian pounds (around $16 billion) in the financial year 2020-2021 compared to 175.5 billion Egyptian pounds (around $10.8 billion) in 2019-2020.