Egypt Moves to Activate Tax Certificates to Ease Borrowing Costs
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Egypt Moves to Activate Tax Certificates to Ease Borrowing Costs
President approves voluntary certificates redeemable against future taxes as government seeks cheaper financing and prepares implementation rules Egypt is preparing to activate a tax-financing mechanism that would allow taxpayers to provide funds to the Treasury in return for certificates redeemable against future tax liabilities, as the government seeks to reduce borrowing requirements and debt-servicing costs. […] The post Egypt Moves to Activ…
Egyptian President Abdel Fattah al-Sissi approved, on Monday 10 August, a proposal to issue tax sukuks, instruments subscribed by taxpayers the amount of which can be deducted from their future tax obligations, with the aim of reducing the government's financing needs and containing the cost of servicing the debt. The decision was taken at a meeting held in New Alamein with Prime Minister Mostafa Madbouly and Finance Minister Ahmed Kouchouk, dev…
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