Egypt tax revenues rise 20 pct in first half of 2012/13: Finance ministry

Ahram Online, Tuesday 8 Jan 2013

Tax revenue for first half of 2012/13 fiscal year reaches LE98 bn, raising doubts as to govt's ability to achieve LE260 bn annual target laid out in current state budget

Egypt's national tax revenue reached LE98 billion in the first half of the 2012/13 financial year, up from LE79 billion in the first half of the previous financial year, according to new data issued on the Egyptian Finance Ministry website.

The LE98 billion includes state revenue levied through different taxes, including income, sales, property and other taxes.

The new figures have raised doubts about the government's ability to achieve its stated goal of realising LE260 billion in annual tax revenue as laid out in the 2012/13 state budget.

"Revenue is expected to increase in coming months, especially in March and April when citizens will file their taxes," Mamdouh Omar, head of Egypt's Income Tax Authority, stated in a press release.

Tax revenue currently represents roughly 70 per cent of Egypt's overall state revenue.

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