Cairo - Mubasher: Official data by the Egyptian Ministry of Finance (MoF) showed that tax revenues rose by 35.5% year-on-year during the first four months of fiscal year 2018/2019.
The ministry’s report showed that revenues amounted to EGP 189.2 billion between July and October, compared with EGP 139.5 billion for the same period last year.
It is worth noting that the public budget targets EGP 770 billion tax revenues.
Public proceeds amounted to EGP 240.4 billion from July to October 2018, compared with EGP 179.15 billion for the corresponding period last year.
In July, Minister Mohamed Moaet said that the Egyptian Tax Authority has achieved its highest of all time incomes in FY17/18.
MoF is preparing a new draft tax law to merge the tax and value-added tax authorities.
The budget deficit rose during the four-month period by 9% to EGP 132.9 billion, down from EGP 121.4 billion.
