Egypt parliament halts tax law reading needed for IMF loan

By REUTERS
April 29, 2013 16:40

CAIRO - Egypt's parliament halted its reading of a new income tax law on Monday, saying the government had not shown who would be affected by the measure that is needed to secure a badly needed $4.8 billion IMF loan.

Lawmakers criticized the government's competence in drafting the legislation, adding to uncertainties about the IMF deal just days after a deputy finance minister who was a key negotiator with the International Monetary Fund resigned.

Speaker of the upper house of parliament Ahmed Fahmy appeared visibly frustrated as he announced that the chamber would halt what had been scheduled as its final reading of the law because it did not have the necessary government data.

"What finance ministry or tax authority does not know how to calculate the income bracket or who benefits and who is harmed? This is not worthy of the council," Fahmy said, as members clapped their support.


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