Cairo – Mubasher: The finance ministry is planning to raise tax proceeds by 20% this fiscal year, minister Amr El-Garhy said in a statement on Monday.
The ministry aims at expanding the tax base through the simplified tax system (STS), which will boost the tax sector’s contribution to the country’s gross domestic product (GDP) to around 16%, El-Garhy added.
This will help to cut Egypt’s budget deficit and general debt, as each increase of 1% in tax receipts equals a 1% decrease in general budget, the minister highlighted.
This came on the sidelines of the minister’s meeting with the members of the American Chamber of Commerce in Egypt’s annual "door-knock mission".
