And so in a very late hour , at about 2.30 AM we found that President Morsi decided to retract his decision to increase taxations and customs in Egypt !! He only delayed the increase in taxations and customs to the new fiscal year in Egypt which means in Next July 2013 insh Allah we have this increase.
Now the million dollar question that made Mostafa Al Naggar , Basem Kamel and Nader Bakkar agree for the first time despite their political and ideological differences : What kind of decision making process is being adopted in Presidency !!??
I mean you can not take this decision to increase taxation suddenly like this in this terrible time without knowing its consequences otherwise you do not understand politics or economy.
And now I will end with that comment from Rafa’a El Tahatawy , the chief of staff in presidency today
The president could not keep thinking about the consequences of such decision and its impact on the poor after returning home !! Thus he decided to delay it !!
I hate to say but Zakaria Azamy with all his corruption used to say better excuses than this !!
And like many Egyptians wondered today , what will President Morsi do if he faces war decision !!??
I hope that now the IMF will cancel that loan and Morsi will run out of money - game over!
ReplyDeleteMorsi's reasoning is very obvious. People just want to make him seem stupid and incompetent. The IMF is meeting with Egyptian officials to go over last details for the loan on Dec 13. One of the conditions is that the government must raise taxes on certain items. In order to convince the IMF of Egypt's intentions, officials from the finance ministry suggested the taxes to take place before the 13th. But of course the referendum is on Saturday, and Morsi and the Brotherhood don't want to increase taxes on anything when they want the people to vote for the constitution. So they simply postponed the taxes.
ReplyDeleteIt's all politics. Not stupidity or a lack of information about the economy.But it seems everyone is very quick to jump and accuse Morsi of either being an idiot or incompetent.