Egypt has launched an initiative entitled "Participate" to encourage and enable corporations to pay their taxes online, Finance Minister El-Morsy El-Sayed Hegazy said in a Thursday statement.

The online initiative aims at increasing Egypt's tax revenues, which reached LE145 billion (roughly $21 billion) in mid-April of this year, 20 percent higher than the same time in the previous year, Hegazy stated.

Egypt is forecasting total income and sales tax revenues to reach some LE222 billion (roughly $32 billion) in the current fiscal year, which ends on 30 June 2013, according to the modified 2012/13 state budget on the ministry's website.

Two of Egypt's most prominent state-owned banks, the National Bank of Egypt and Banque Misr have agreed with the finance ministry on keeping 192 of their branches open, past usual closing time, to ensure taxpayers meet the 30 April deadline for submitting tax statements.

Electronic tax payments will also be processed by 350 post offices nationwide, according to the statement.