Cairo – Mubasher: Egypt’s tax revenue rose to EGP 88.6 billion in the first quarter of fiscal year 2017/2018, compared to EGP 57 billion in the prior-year period, deputy finance minister for tax policies Amr El-Monayer told Al-Ahram.
El-Monayer attributed this increase in tax revenues to the political controversies between Public Taxes Authority and the oil sector, which have been solved.
Income tax revenues surged 36% year-on-year to EGP 21.76 billion in the three-month period ended September, he highlighted.
The Egyptian government does not intend to adjust the income tax law, in order not to affect lower-income citizens, he continued.
The value-added tax (VAT) recorded about EGP 50.7 billion in Q1 of FY17/18 from EGP 28.3 billion in Q1 of FY16/17.
The petroleum sector obtained the largest collection from the VAT in Q1 of FY17/18, soaring 520%.
"The tax revenues collected from state institutions like the Suez Canal Authority (SCA), the Central Bank of Egypt (CBE) and the Egyptian General Petroleum Corporation (EGPC) hit EGP 16 billion in Q1 of FY17/18," El-Monayer said.
Meanwhile, real estate proceeds hike 172% to EGP 804 billion in Q1 of FY17/18.
