Banks and energy firms dominate list of Egypt's largest taxpayers

Ahram Online, Wednesday 8 May 2013

Commercial International Bank (CIB) is Egypt's largest taxpayer, followed by Telecom Egypt (TE) and United Gas Derivatives Company, tax authority says

Egyptian tax authority
Egyptian tax authority (Photo: AO)

Banks and energy companies dominate a list of Egypt's ten largest taxpayers, the tax authority has announced.

Commercial International Bank (CIB) was the largest taxpayer in Egypt during the current financial year at LE836 million ($119m), state news agency MENA reported on Tuesday evening, quoting a statement from the Egyptian Tax Authority (ETA).

Landline monopoly Telecom Egypt (TE) was the second-largest taxpayer at LE623 million. The United Gas Derivatives Company (UGDC), a joint venture between the Egyptian government and international oil companies, came in third at LE574 million.

HSBC, Faisal Islamic Bank and National Societe Generale Bank were fourth, sixth and seventh, paying LE500m, LE392m and LE336m, respectively.

The Egyptian Natural Gas Company and Sidi Kreir Petrochemicals were fifth and tenth.

Al-Ezz Dekheila Steel Company paid a total LE274 million and was ninth on the list.

Egypt is forecasting total income and sales tax revenues to reach LE222 billion in the current fiscal year which ends on 30 June 2013, according to the modified 2012/13 state budget published on the finance ministry's official website.

Total state revenue is expected to reach LE393.4 billion in the current fiscal year.

Ministry of Finance officials say the budget deficit could reach as much as 12 percent of GDP in the 2012/13 fiscal year, compared to previous forecasts of 10.7 percent.

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