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Tuesday, 20 February 2018

Egypt aims to raise tobacco tax revenues by $397.50 million in 2017-18

Reuters , Monday 2 Oct 2017
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A cigarette in a file photo (Photo: Reuters)
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Egypt aims to raise its revenues from taxes imposed on tobacco by EGP 7 billion ($397.50 million) in the 2017-18 fiscal year which ends in July 2018, a government document said.

The country is targeting around EGP 54.545 billion ($3.10 billion) in revenues from tobacco taxes, according to a document released by the finance ministry on Monday.

Egypt has been increasing taxes and cutting subsidies to narrow its budget deficit as part of economic reforms tied to a $12 billion International Monetary Fund programme aimed at boosting the economy.

Egypt imposed a valued-added tax on non-essential goods last year in the months leading to its signing of the three-year IMF deal in November.

20.2 percent of Egyptians above the age of 15 are smokers, according to 2016 statistics.

 

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