High growth rates for the Suez Canal, petroleum sector and consumer goods during the first half of the 2010/2011 fiscal year helped absorb Egypt's sluggish economic performance over the lasy six months, says Samir Radwan, Egypt's Finance Minister. 

Total tax revenues grew by 15.6 per cent during the 2010-2011 financial year to reach LE169.7 billion, versus LE146.6bn in the previous year, according to Radwan.

The minister stated during a press conference Tuesday that actual revenues exceeded the targeted amount in the original budget plan by LE3.7 billion.

Radwan also praised taxpayers, saying that 90 per cent of them paid as a lump sum instead of deferring payments through installments.

According to the minister, tax revenues generated from four entities contributed to around one third of total tax revenue. The petroleum sector generated LE36.6bn and the Suez Canal LE10.9 billion, in addition to LE9.6 billion from treasury bills and government bonds.

Sales tax and income tax generated LE62.5 billion and LE49.9 billion respectively.

As for corporate taxes, they reached LE25.6 billion, payroll taxes were LE11.6 billion and stamp duties LE7.2 billion. Commercial and industrail gains taxes brought in LE4.7 billion.

Radwan said all the tax revenues related to 2010/2011, as the ministry did not collect any pre-payments for 2011/2012 in order to reduce the burden on taxpayers.

Discussing the possibility of adjusting the tax system, the minister explained that international standards bring a review each 5 years, which Egypt will also follow.