Last Update 0:20
Sunday, 21 April 2019

Egypt tax revenues for Q1 2017/18 rise by 55% y-o-y to EGP 88.6 billion: Finance ministry

Revenue increase continues trend over previous two fiscal years thanks in large part to the impact of the value added tax

Ahram Online , Monday 16 Oct 2017
A family buys groceries at a market (Reuters)
A family buys groceries at a market (Reuters)
Share/Bookmark
Views: 4476
Share/Bookmark
Views: 4476
Tax revenues in the first quarter of fiscal year 2017/18 increased to EGP 88.6 billion, up from EGP 57 billion in the same period last year, Vice Minister of Finance Amr El-Monayer said, according to Al-Ahram newspaper.
 
A big part of the increase in the quarter's revenues resulted from a rise in revenues from the Value Added Tax (VAT) to EGP 50.7 billion in the first quarter of fiscal year 2017/18, compared with EGP 28.3 billion in the same period last year.
 
The increase in VAT revenues came as Egypt raised the tax to14% in the current fiscal year, from 13% last fiscal year.
 
The first quarter’s VAT collections exceeded targeted revenues by 3%.
 
The oil sector’s VAT collections saw the biggest increase, with a 520% year-on-year surge compared to last fiscal year.
 
Egypt aims to narrow its budget deficit to 9.1% of GDP by the end of FY2017/18, according to the state budget, compared with 10.9% of GDP last year.
 
The World Bank expects Egypt's budget deficit to decrease to 8.8 percent of GDP by FY2017/18, driven by an increase in tax revenues, in addition to the energy subsidies reform, according to a report published last week. 
 
Income tax collections for the first quarter of the current fiscal year also increased by 36% year-on-year to EGP 21.76 billion in the first quarter of FY2017/18.
 
Tax collections from state institutions such as the Central Bank of Egypt, the Suez Canal Authority, and the Egyptian General Petroleum Company reached EGP 16 billion, up from EGP 13 billion in the first quarter of last fiscal year.
 
Real estate tax revenues increased to EGP 804 million in the first quarter of the current fiscal year, compared with EGP 469 million last year.
 
Tax revenues for fiscal year 2016/17 increased by 31.8 percent year-on-year to EGP 464.4 billion, compared to EGP 352.3 billion the year before, Finance Minister Amr El-Garhy said earlier this month.
 
Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.