Egyptian Finance Minister Youssef Boutros-Ghali says his government will end tax exemptions on government bonds in part of a series of measures to find the revenue to pay for a 30 percent increase in ...

Egyptian Finance Minister Youssef Boutros-Ghali says his government will end tax exemptions on government bonds in part of a series of measures to find the revenue to pay for a 30 percent increase in public sector wages.Faced with rising public discontent over stagnant wages and soaring food prices, the Egyptian government increased the salaries for 6 million government employees. It then reduced fuel subsidies and tax breaks for industries to pay for the measure. Ghali said the measure would be in the annual budget starting July 1 and the government may also tax treasury bills.In Sunday's press conference, Ghali also said Egypt plans a US$1 billion (€650 million) Eurobond in July. (Source: International Herald Tribune)