Cairo – Mubasher: Egypt’s tax revenues increased by EGP 47 billion or 23% year-on-year during the first five months of fiscal year 2018/2019, the Ministry of Finance (MoF) said on Wednesday.
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, according to the ministry’s monthly bulletin.
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, the MoF unveiled.
Meanwhile, Egypt’s budget deficit fell marginally by 0.7% year-on-year, recording EGP 162.33 billion in the period from July to November 2018, versus EGP 163.61 billion.
Additionally, government spending rose by 16% in the July-November period to EGP 484.22 billion from EGP 415 billion in the year-ago period.
Egypt aims to cut its annual deficit to 8.4% in FY18/19, compared to 9.8% in the prior fiscal year.
