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Sunday, 18 February 2018

Egypt tax revenues rise by 61 percent year-on-year in first half of 2017/18

Reuters , Wednesday 14 Feb 2018
Mohamed Moeet
Finance Ministry Deputy Mohamed Moeet (Photo: Al-Ahram)
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Egypt's tax revenues rose by 61 percent year-on-year in the first half of the 2017/18 fiscal year that began in July, a Finance Ministry official said on Wednesday.

Revenues rose to 248.8 billion Egyptian pounds($14.10 billion) from 154.6 billion Egyptian pounds in the same period last year, Finance Ministry Deputy Mohamed Moeet said.

Egypt hiked taxes last year as part of economic reforms tied to a $12 billion International Monetary Fund loan aimed at boosting growth.

IMF Managing Director Christine Lagarde said at an economic conference in Marrakech last month that Middle Eastern countries should build broader tax bases to fund infrastructure projects and social spending.

($1 = 17.6500 Egyptian pounds)

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