Egypt’s tax revenues up 55%Staff Writer | October 18, 2017
Egypt registered EGP 88.6 billion in tax revenues, $5 billion in up to date conversion rate, in Q1 of the 2017/2018 fiscal year.
Africa The Egyptian fiscal year started in July
There was a significant increase in revenues, of 55%, over the same period of the 2016/2017 year, when revenues reached EGP 57 billion ($3.2 billion). “It is 1 percent above the targeted tax revenue for the first quarter of the current fiscal year,” said Amr al-Mounir, deputy finance for tax policies, to journalists.
The Value-Added Tax (VAT) generated EGP 50.7 billion ($2.8 billion) and the Income Tax generated 21.76 billion ($1.2 billion).
State-owned agencies and companies, such as the Suez Canal Authority, the Central Bank of Egypt and the Egyptian General Petroleum Corporation, generated EGP 16 billion ($906 million) to the country. ■