Cairo – Mubasher: Egypt recorded a budget deficit of EGP 236.7 billion or 3.8% of gross domestic product (GDP) during the first half of fiscal year 2019/2020, compared to EGP 186.7 billion or 3.6% of GDP in the same period a year earlier.
The country’s total revenues grew to EGP 390.1 billion during the July-December period of 2019, compared to EGP 388.26 billion in the year-ago period, according to the semi-annual report released by the Egyptian Ministry of Finance.
The North African nation’s tax revenues retreated to EGP 303.8 billion during the six-month period ended 31 December 2019 from EGP 303.93 billion in the prior-year period.
Tax revenue from the yield on treasury bills and bonds
Tax revenue from the yield on treasury bills and bonds fell to EGP 22.23 billion during H1 of FY19/20 from EGP 24.43 billion in H1 of FY18/19.
The Egyptian government aims to generate EGP 51.55 billion in tax revenue from the yeild on treasury bills and bonds for the full FY19/20.
Revenues from value-added tax (VAT)
The country’s revenues from value-added tax (VAT) declined to EGP 72.09 billion during the July-December period of 2019, compared to EGP 73.46 billion in the same period a year earlier.
Vehicle taxes and charges
Egypt’s revenues from vehicle taxes and charges amounted to EGP 2.94 billion in H1 of FY19/20, down from EGP 3.24 billion in the year-ago period.
