By: Mostafa Adel
Cairo – Mubasher: The increase of the recent inflation rate in Egypt will raise the collection of the value-added tax (VAT) to EGP 25 billion in the current fiscal year, head of tax authority and the general supervisor for the implementation of the VAT, Abd Al-Moneim Mattar, said.
It was estimated to collect EGP 22 billion during the period when the VAT was implemented and until the end of the current fiscal year; however, the growing prices pushed the estimates to rise by 14%, Mattar told Mubasher on Monday.
He noted that the government aims to make the taxes more beneficial for the Gross National Product (GNP) by reaching 16% in the coming two years when compared to 13.4% in the past period.
According to the data issued by the finance ministry, the Egyptian government targets a VAT collection standing at EGP 30 billion annually.
Translated by: Ingy ElSafy
