Finance Min. Denies Imposing Taxes on Bank Deposits 

The Ministry of Finance denied rumors of imposing taxes on bank deposits in light of the corona crisis, confirming that there is no intention to impose taxes on deposits, or on earned benefits from savings , explaining that any new taxes can only be imposed through law after approval by the House of Representatives.

The Finance Ministry also denied on Thursday reports of reducing government spending on the health sector during the fiscal year 2020/21, explaining that the new budget will witness an increase in allocations for the health sector  by about 47% to reach about EGP 258.5 billion, compared to EGP 175.6 billion a year earlier as part of the state’s keenness to support this vital sector, especially in light of the corona pandemic.

Finance Ministry Increased spending on health

Moreover, medicine allocation increased by about 21% to reach about EGP 11 billion during the fiscal year 2020/21, compared to EGP 9.1 billion during FY 2019/20.

Also, the expenses of treating citizens at the state's expense increased by about 6% to reach about EGP 7 billion during the year 2020/21 compared to EGP 6.6 billion a year earlier.

In addition, the medical profession risk premium increased by 75%, and the reward for intern doctors was raised from EGP 400 to EGP 2200, at a value of EGP 2.6 billion.