Cairo – Mubasher: Egypt is planning to increase the tax revenues’ contribution to the gross domestic product (GDP) to 18% from 14%.
The finance ministry is setting up a strategy aimed at increasing the government revenues in the medium-run in a bid to raise tax revenues’ contribution to the GDP to 18%, which could slash the budget deficit, finance minister Amr El-Garhy said.
The national economy still has many challenges to deal with, but we are on the right track, as the budget deficit hit 9.7% in the current fiscal year, El-Garhy added.
The ministry is working on facilitating the process of paying taxes and other procedures and services associated with the tax authority, the top official revealed.
A bill permitting entities and individuals to pay their taxes in two phases was sent to the Egyptian Parliament, the minister revealed.
