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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.
Egypt revenues
Africa   The Egyptian fiscal year started in July
This is according to the Ministry of Finance. The Egyptian fiscal year started in July and runs until the end of June 2018.

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.