Cairo – Mubasher: Tax proceeds from the Egyptian General Petroleum Corporation (EGPC) and Suez Canal rose by 29.3% year-on-year in the first five months of fiscal year 2018/2019, data by the Ministry of Finance (MoF) showed on Wednesday.
Total tax receipts from the two corporations amounted to EGP 25.87 billion during the period from July to November 2018, versus EGP 20.04 billion in the same period of 2017, according to a recent report.
Tax proceeds from the EGPC recorded around EGP 11.4 billion at the end of November, versus EGP 9.4 billion in the corresponding five-month period of FY17/18, the ministry highlighted.
Meanwhile, tax proceeds from the Suez Canal stood at EGP 14.47 billion during the July-November period of the current fiscal year, versus EGP 10.6 billion in the prior-year period.
The MoF also posted that Egypt’s tax revenues increased by EGP 47 billion or 23% year-on-year during the first five months of FY18/19.
The North African nation has logged EGP 250.9 billion in tax receipts in the period from July to November 2018, versus EGP 203.9 billion in the corresponding period of 2017.
The country’s total revenues during the five-month period rose to EGP 321.07 billion, compared to EGP 252.6 billion in the same period of FY17/18.
