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EGP 4.3 Billion Expected to Pour Into State Budget under "Special Funds"Bill
Source: 8/3/2018

The Finance Ministry underlined the importance of a bill on allocating a percentage of the revenues of “special funds” to go into the general treasury.

The proposal, which is considered the most important budget document as it lays out the government’s plans for raising and spending public funds, is called the "Executive’s Budget Proposal."

In a statement , the ministry expounded how additional revenue could be raised to cover the proposed additional expenditures.

It said that these special funds are owned by the government and are not part of the regular budget. The spending of such funds may take place according to different rules and not under the authority of the annual appropriation act, it said, not that such funds may receive revenues from earmarked taxes, possibly together with other sources, such as fees and contributions from the general revenue fund.

Under the bill, about 5 to 15 percent of special funds - whose accounts exceed 5 million pounds - would go to the state general treasury, read the statement.

About EGP 4.3 billion is expected to pour into the state budget if this bill was enacted, the statement said.

Some funds will be exempted, including scientific research, health care and social housing funds, added the statement.

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