Tax revenues increase by 34% in FY 2016/17

CAIRO – 3 October 2017: Tax revenues in fiscal year 2016/2017, which ended on June 30, increased by 34.1 percent year-on-year to reach LE 659 billion, compared with LE 491.5 billion last fiscal year, Finance Minister Amr el-Garhy said Tuesday.

He added that total expenditures in fiscal year 2016/2017 amounted to LE 1.031.9 billion, compared to LE 817.8 billion in the previous fiscal year, increasing by 26.2 percent.

Egypt embarked on a bold economic reform program in 2014 that entailed slashing subsidies and introducing new taxes, such as the Value Added Tax (VAT).

The VAT was implemented in October 2016, at a 13 percent rate. It increased to 14 percent with the start of the current fiscal year 2017/2018.