CAIRO: Minister of Finance Youssef Boutros Ghali said the new classification of Treasury accounts, introduced in November 2006, has saved as much as LE 3 billion of funds for the government budget, noting that tax revenues have surged by 17 percent over the recent three months. The minister said that tax revenues in 2006 soared by 220 percent as the number of taxpayers jumped to 2.3 million citizens compared with 1.1 million in 2005. The growth of tax revenues was partly boosted by the 7.2 percent economic growth in FY2006-7. The Minister s comments came during a meeting on Monday with the Croatian Minister of Finance and Daniela Gressani, the World Bank Vice President for the Middle East and North Africa Region. Ghali reasserted that the People s Assembly (parliament) would soon investigate an agreement on tax treatment between Egypt and Croatia that would enhance economic and trade cooperation between Egypt and Croatia. The Egyptian minister said he would visit a number of informal and shanty towns in Egypt in the company of the Ministry of Social Solidarity to prepare for the social security scheme for poor families. This is part of the government s plan to cut subsidies and redirect subsidy funds to most impoverished sections of the population.
