LE160 bn in taxes collected to date in 2012/13: Egypt finance ministry

Ahram Online, Tuesday 30 Apr 2013

Country's top taxpayers have already contributed LE110 billion in income and sales tax out of total LE222 billion forecast for this fiscal year, says finance ministry official

(Photo: AP)


Tax revenue collected by the Egyptian Tax Authority has so far reached LE160 billion for the current fiscal year, Osama Tawakol, head of Egypt's Large Taxpayer Centre (LTC), told Al-Ahram's Arabic-language news website on Tuesday.

Total income and sales tax revenue is forecast to reach some LE222 billion (roughly $32 billion) in the current fiscal year (ending 30 June), according to the modified 2012/13 state budget on the finance ministry's website.

For its part, the LTC has so far collected LE110 billion in income and sales tax from heavyweight taxpayers on behalf of the finance ministry, according to Tawakol. The centre is expecting to raise an additional LE80 billion worth of tax revenue by 30 June.

Last week, the finance ministry launched an initiative – dubbed 'Participate' – aimed at encouraging corporations to file their taxes online. The ministry has also agreed with the state-owned National Bank of Egypt and Banque Misr to keep the banks' branches open longer to process tax returns in time for Tuesday's deadline. 

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