CAIRO: The Egyptian Ministry of Finance aims to achieve financial stability by carrying out new procedures. Financial stability may be achieved by reducing the general budget total debt to 60 to 65 percent of GDP by the year 2016. The Ministry of Finance said to achieve such reduction; Value Added Tax (VAT) must be carried out instead of current sales tax. The Ministry of Finance will unify tax rates, raise registration limits, rationalize exemption and simplify tax procedures. It aims to apply property tax and rationalize customs exemptions. It is also reconsidering funds and special accounts through a unified treasury account. The Ministry of Finance assures it will apply a new pension system, the only way to achieve justice for its participants. Important procedures the ministry will carry out will include depending on participation of both private and public sectors in funding investments and providing public services.
