Economic conditions have started to improve considerably, after a period of stagnation, due to the adoption of more liberal economic policies by the government as well as increased revenues from tourism and a booming stock market. In its annual report, the International Monetary Fund (IMF) has rated Egypt as one of the top countries in the world undertaking economic reforms. Some major economic reforms undertaken by the government since 2003 include a dramatic slashing of customs and tariffs. A new taxation law implemented in 2005 decreased corporate taxes from 40% to the current 20%, resulting in a stated 100% increase in tax revenue by the year 2006. COUNT 4
QSN1 What has been the trend lately in the Egypt economy? ANS1 improve considerably QSN2 What area of business have boomed lately in Egypt? ANS2 stock market QSN3 What was change made to corporate taxes in 2005? ANS3 decreased corporate taxes from 40% to the current 20% QSN4 What ws the overall impact to tax revenue from change of corporate tax rate? ANS4 100% increase in tax revenue by the year 2006