By: Mostafa Adel
Cairo – Mubasher: Tax revenues rose 25.6% during the first eight months of fiscal year 2016/2017, vice minister of finance for tax policies Amr Elmonayer said.
Revenues stood at EGP 201 billion at the end of February 2017 against EGP 160 billion in the same period in 2016, Elmonayer added during his speech at the conference launching the preliminary state budget.
The revenues included EGP 102 billion of income from the value-added tax (VAT) and about EGP 1.5 billion from real estate tax, Elmonayer indicated.
He expected that tax revenues will represent about 14.5% of gross national production in the budget of FY17/18.
The Ministry of Finance (MoF) completed the preparation of a draft law to amend the stamp duty and income tax, in response to decisions by the Supreme Council for Investment.
The monthly report issued by the MoF at the beginning of March revealed an increase in tax revenues by 12% during the first half of FY16/17.
Total taxes stood at EGP 154.5 billion in the six months which ended in December 2016, compared to EGP 137.9 billion in 2015, the ministry added in its financial statement for January 2017.
Egypt aims to increase its tax revenues to EGP 433.3 billion during FY16/17, compared to EGP 352 billion during FY15/16.
Translated by: Mohamed Hesham Azab
