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Monday, 21 October 2019

Egypt to raise tobacco tax revenues by EGP 7.072 bln in 2018-19

Reuters , Monday 16 Apr 2018
File Photo: An Egyptian man smoking a cigarette (Photo: AP)
Views: 4336
Views: 4336

Egypt aims to raise its revenues from taxes imposed on tobacco by EGP 7 billion ($395.50 million) in the 2018-19 fiscal year, which start in July 2018, a government document said.

According to a government's document, the country is targeting around EGP 58.524billion ($3.10 billion) in revenues from tobacco taxes.

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 reviving the economy.

The Egyptian government is set to collect EGP 51.452 billion in revenues from tobacco taxes this fiscal year 2017-18.

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 of state statistics body CAPMAS.


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