Egypt's tax revenues grew 20.9 percent in the first half of the current fiscal year 2015/16 from the same period a year prior, according to a statement from the finance ministry on Wednesday.
Tax revenues increased to EGP 138 million in the six months ending 31 December, up from EGP 114 million generated between July and December in 2015, the ministry’s official data reveals.
The Arab country embarked on a fiscal reform programme in July 2014 cutting energy subsidies and introducing new taxes including property tax to clench on a growing budget deficit which stood at 11.5 percent of GDP in fiscal year 2014/15.
Property tax rose 23.2 percent in the first half of the current fiscal year, according to the statement. This makes property tax revenue for this period EGP 12.12 million, up from EGP 9.83 million that was collected in the same period a year earlier.
The ministry statement also shows that income tax revenues increased 16.4 percent and customs up16.7 percent.
A planned value-added tax bill, which could raise tax revenues by around EGP 30 billion, is currently under review by the parliament. According to the government's sustainable development strategy, the VAT rate is to be set at 10 percent.
The state budget for the current fiscal year ending 30 June targets total tax revenues of EGP 422.4 million up from EGP 306 million collected in fiscal year 2014/15.