ITDA’s Deficit Rate Reaches EGP10 mln In 2013

According to reliable sources in the Internal Trade Development Authority (ITDA), the rate of deficit between ITDA’s expenses and revenues in 2013 fell 50% to EGP 10 million, while it recorded EGP 22 million during the fiscal year 2011-2012.

The sources affirmed that ITDA is about to finish the fiscal budget 2012-2013, especially after the Central Auditing Organization (CAO) complained many times over delaying to announce the budget.

The ITDA has asked the Egyptian Ministry of Supply and Internal Trade to necessarily amend Act 34/1976, which relates to the services of the commercial registry, to maximize the revenues of the registries and trademarks by a rate no more than 10%, to impose fees in return for the services that ITDA provide such as the trademarks, the commercial registries and the government seals.

In addition to that, the source referred also to the necessity of reactivating the bill is being proposed now to the Shura Council, which concerns the consolidated use of the state’s lands. It also proposed establishing an independent body to protect the agricultural lands.