Egypt hikes import tax on 'unnecessary imports'
The decree also raises tariffs on a wide range of luxury goods including shrimp, gambling tables, sunglasses, nuts, and fireworks.
In an attempt to increase revenues and revive the ailing economy, Egypt announced tax hikes on imported gold and other luxury goods.
According to Egyptian president Mohammed Morsi the hike in customs rates on dozens of non-essential imports is a part of the government's efforts to increase revenues to revive the ailing economy.
Egypt's economy has been hit hard by the instability that followed the 2011 uprising that forced Hosni Mubarak from power, particularly the vital tourism sector.
The decree also raises tariffs on a wide range of luxury goods including shrimp, gambling tables, sunglasses, nuts, and fireworks.
The North African countrey known for it's Pyramids is seeking a $4.8 billion loan from the IMF.
Egypt had long been viewed as a stable corner of the Middle East. Reserves stood at around $36 billion just before Mubarak was toppled.
Sumber : Google
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