Egypt: No New Taxes on Tobacco or Alcohol

Analysis

Egypt's Finance Minister, Hani Qadri Damian has announced Egypt Presidential Decision No 58/2014 regarding increasing sales taxes on tobacco and alcohol doesn't impose new taxes.

Instead it increases existing prices by fixed amounts depending on the unit price.

For example, for the cheapest cigarettes prices will increase by 50 cents whilst prices on medium priced cigarettes will increase by 100 cents. Prices for the most expensive cigarettes will increase by 150 cents.

Tax avoiders will be fined between 1,000 and 5,000 Egyptian Pounds and jailed for a month.

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