First Undersecretary of the Minister of Finance Manal Hussein affirmed that the latest tax cuts are not linked to the hike in petrol prices or subway tickets.

Mrs. Hussein explained that the rise in ...

First Undersecretary of the Minister of Finance Manal Hussein affirmed that the latest tax cuts are not linked to the hike in petrol prices or subway tickets. Mrs. Hussein explained that the rise in oil prices is intended to bring local prices in line with international oil price hikes and in reaction to the State’s cut on oil subsidies which impact the state budget by 40 billion dollars. Mrs. Manal noted that the hike in petrol prices was necessary or the latter would have have consumed an additional 20 billion dollars next year bringing oil subsidies equivalent to 60 billion pounds.  Mrs. Manal denied that recent tax cuts had any relation to increased prices on consumer goods. (source: Al-Masry Elyoum)