Finance Minister Amr Al-Garhy recently commented on news regarding a potential increase on taxes, saying that the rumours are not true.

Al-Garhy explained that there are plans to increase tax revenues by improving the methods of collecting taxes and fighting tax evaders.

This will eventually lead to an increased share of tax revenues in the gross domestic product from 13% to 16% or 17%, said Al-Garhy.

The new system aims to create a more thorough process for collecting taxes, said Al-Garhy, adding that the process would increase the overall amount of taxes collected.