Egypt’s tax revenues jump around 35% in Q1 of current FY2023/24

Ahram Online , Monday 4 Dec 2023

Egypt’s tax revenue jumped 34.83 percent on an annual basis during the first three months of the new fiscal year (FY) 2023/2024, according to data released by the Ministry of Finance on Monday.

The Egyptian Tax Authority (ETA) building. Ahram
The Egyptian Tax Authority (ETA) building. Ahram

 

The Egyptian government collected EGP 285.03 billion ($9.22 billion) in taxes during the first quarter (July-September) of the current FY2023/2024, up from EGP 211.39 billion ($6.84 billion) collected in the same period of FY2022/2023. The official USD/EGP rate is nearly 31.

On an annual basis, revenues from income tax and property tax grew by 41.5 percent and 37.4 percent, respectively, in the July-September period, recording EGP 87.62 billion and EGP 54.24 billion.

Value-added tax (VAT) revenue jumped to EGP 127.86 billion in July-September from EGP 100.26 billion in the year-ago period.

Egypt’s total revenue reached EGP 335.13 billion in July-September from EGP 258.85 billion in the same period of FY2022/2023. Total revenue rose 15.5 percent in FY2022/23, driven by a 27.2 percent surge in tax revenue.

The Egyptian government targets collecting EGP 2.14 trillion in revenue in the FY2023/2024 budget, including EGP 1.53 trillion in taxes.

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