Customs revenues reached LE14.2 billion (roughly $2 billion) during the first eleven months of the current fiscal year, Egyptian Finance Minister Fayad Abdel-Moneim has announced.
This includes LE507 million in toll fees on exports of goods and raw materials, LE12.7 million in dumping duties, LE392.7 million in customs on tobacco products, LE111 million in fines and seizures. Revenues from customs duties on imported goods amounted to LE13.1 million.
Egypt received LE1.19 million in customs revenues in May, along with LE2.23 billion in sales tax revenues.
Revenues from customs in 2011/12 reached a total LE14.7 billion, accounting for some 7 percent of total tax revenues.
In March, the government raised customs tariffs on 100 "luxury goods," including videogames, baby formula milk and chewing gym. Specifically, the decree signed by the president raised tariffs from 5 percent to 40 percent on items such as sunglasses, watches, nuts, boats and videogames.
Also, a 20 percent tariff was placed on all equipment imported by tourist establishments, excluding automobiles.
The hikes were expected to generate around LE1 billion ($150 million) in additional revenues annually.