File Photo: Finance Minister Amr El-Garhy at a news conference in Cairo, Egypt 11 August, 2016 (Reuters)
Egypt’s Finance Minister Amr El-Garhy announced on Sunday that the second batch of the first $4 billion tranche from the International Monetary Fund’s (IMF) loan will be delivered in June, Ahram Arabic website reported.
In November, Egypt received the first batch, worth $2.75 billion, of the three-year $12 billion loan deal struck with the IMF.
El-Garhy, who has met with companies in celebration of the end of the tax season, also announced a 40 percent increase in tax declarations this year compared to the same period last year.
The tax season, which started at the beginning of January and concluded on the last day of April, saw an outcome of EGP 21.3 billion compared to EGP 15.22 billion last year.
In October 2015, Egypt introduced a Value Added Tax (VAT) system of 13 percent, replacing a 10 percent sales tax.
At the time, Moody’s Investors Service released a statement saying the VAT would gradually increase Egypt's low tax receipts and support its fiscal consolidation efforts.