Cairo – Mubasher: Egypt’s real estate tax proceeds are likely to grow by 25.2% year-on-year in fiscal year 2019/2020, the Ministry of Finance (MoF) expected.
Total receipts from real estate tax could rise to EGP 6.8 billion in FY19/20, representing 0.1% of the state’s gross domestic product (GDP), the MoF said in a statement.
This expected increase came as a result of the development of the real estate allocation system through upgrading the geographic maps of the residential areas, the ministry noted.
The MoF also stated that the government aims to raise the state’s total tax proceeds in FY19/20 by 12.7% year-on-year to around EGP 856.6 billion.
Egyptian finance minister Mohamed Maait previously stated that Egypt’s public revenues increased by 18.5% in FY17/18 to EGP 781.1 billion.
