Your boozy nights out are about to burn a bigger hole in your pocket starting tomorrow, as President Sisi has just decreed a 200% tax hike on beer, as well as a 50% tax hike on cigarettes.
The cost of hitting the town in Egypt is about to hit the roof thanks to a tax hike that will see the cost of a beer rise to a stomach churning 200%. The crippling new costs, designed to boost the country's ailing economy, will see taxes on all alcoholic beer doubled to a whopping 200 percent.
Drinkers will be forced to shell out a minimum of 400 EGP per 100 litres of beer. A pint of beer cannot cost less than EGP 1.88 under the new rules. Wine lovers are also set to feel the pinch as the tax on local and imported wine has been increased from 100 percent to 150 percent, spelling a minimum of 15 EGP for one litre of wine.
Meanwhile, Egypt's smokers are also set to be burned by the latest government measures, set to be implemented tomorrow. The price of imported cigarettes will now face a 50 percent rise alongside an added tax according to the price of the pack. The decree states that the price of the imported cigarettes does not exceed 9.00 EGP, then 1.75 EGP will also be added as a one-off tax. If the price is between 9 EGP and 15 EGP, then an additional 2.25 EGP will be added as an addition.
And if the price exceeds 15 EGP, the pack of cigarettes will rise by an additional 2.75 EGP. The news comes just hours after the government increased the price of gas and electricity by almost 80%, in some cases.
The measures come as the cabinet attempts to balance the country's troubled budget books.