Head of central administration for Ministry of Finance’s technical office Nagi al-Ashqar said on Thursday that the Egyptian Public Treasury spent EGP 24.9 billion ($3.5 billion) for energy supply during the first half of the current fiscal year. The public treasury paid the cost of energy supply without using Arab countries aids, indicating that coordination between the ministries of finance and petroleum will settle the account. Ashqar said the energy subsidy cost EGP 99.6 billion ($14.3 billion) in the current fiscal years’ budget with EGP 13.3 billion ($1.9 million) for electricity supply and that subsidiary percentage for solar is 40 percent, 20 percent for gasoline, 22 percent for butane, 10 percent for diesel energy, and 8 percent directed for natural gas. [Cairo Post]

 

Egypt launches campaign against tax evasion
The General Directorate of Taxes and Fees Investigation, headed by Minister of Interior assistant Belal Saad, launched a campaign that will combat the crime of tax evasion. As part of the campaign, 411 tax evasion cases were seized, including various commercial and professional activities where the total amount of transactions reached almost EGP 2.5 billion. Regarding sales tax, the campaigns seized 215 tax evasion cases including several commercial and professional activities where the total amount of transactions reached over EGP 1.3 billion. [Cairo Post]

 

Morocco on Thursday launched an operation to give residency permits to tens of thousands of immigrants living in the country illegally. The government in November unveiled what it called an “exceptional operation” to give official papers to some of the 25,000-40,000 sub-Saharans estimated to be residing illegally in Morocco. The North African country has struggled to cope with the rising tide of migrants crossing its borders in the hope of building better lives in Europe, many of whom end up staying. The Moroccan authorities have come under fire in recent months for their harsh treatment of sub-Saharan fortune seekers. [AFP]

 

The Tunisian stock market, Bourse de Tunis, was hit hard in 2013 due to political turmoil and economic slowdown, according to director general Mohamed Bichiou. This decline is also due, according to him, to “the reluctance of foreign investors to invest in Tunisia in 2013”. The bourse now has 71 listed companies. The goal for 2014 is to reach 85 listed companies and to increase this number to 100 in 2015. [TAP French]

 

 

 

Egypt’s government approves $2.1 billion oil and gas agreements | Ahram

Egypt: 850,000 vehicles registered to get smart cards for fuel | Cairo Post

Morocco 78th in best countries for business ranking | News24