Government collects 100% of Q1 FY2017/18 taxes target

CAIRO – 5 October 2017: Egypt’s Tax Authority collected 100 percent from the target tax revenues in the first quarter of FY2017/18, Minister of Finance Amr El-Garhy announced Thursday.

In a meeting with Tax Authority officials, Garhy said that the results reflect the efforts of employees and tax directorates in that regard.

Tax revenues in FY2016/17, which ended on June 30, increased by 34.1 percent year-on-year to reach LE 659 billion, compared with LE 491.5 billion in the previous fiscal year, Garhy said earlier this week.

Garhy added that total expenditures in fiscal year 2016/2017 amounted to LE 1.031.9 trillion, 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.