Egypt Independent

Cigarette tax raise announced soon, says government source

The economic reform program that the government has prepared for the International Monetary Fund to consider for its loan includes a raise on cigarette taxes by LE0.75 for local brands and LE1.25 for imported brands, a government source said.

The program also postpones the deadline for petroleum products subsidies to be rationed from April to July.

A government official said the Freedom and Justice Party approved the program, which would also be presented to other political parties to study.

The official added that Egypt is inviting the IMF mission at the end of this week to come for 15 days and negotiate the US$4.8 billion loan it has requested.

According to the program, customs duties on certain luxury goods would be raised, and subsidies on diesel and gasoline fuel for tourism facilities would be lifted in April.

Edited translation from Al-Masry Al-Youm

Tags Egypt