Taxes represent 72% of Egypt’s budget in 2017/18: Garhy

CAIRO – 7 March 2018: Minister of Finance Amr el-Garhy said that Egypt implemented a treatment plan for economic bugs during 2016 and 2017, which helped in achieving sustainable development goals, adding that boosting taxes organizational work is one of the pillars of Egypt’s economic reforms.

Garhy stated that taxes represent 72 percent of the estimated budget of fiscal year 2017/2018, according to his speech at "Combating Tax Evasion Conference" held by the Ministry of Finance, in cooperation with the Organization for Economic Co-operation and Development (OECD).

The minister pointed out that the ministry seeks to enter into partnerships with international companies in the process of mechanization and development.

“We seek to simplify the tax system, implement a policy to protect taxes and promote growth,” the minister added.

He clarified that the reform agenda included the value-added taxes (VAT) and the increase of taxes on alcohol.

He noted that the development process also requires improvement of policies and developing individuals' skills, revealing that the rules of pricing modifications will be issued in 2018.

On Monday, the minister said in a press conference that the government targets to achieve a taxation of LE 611 billion in the upcoming budget.

Meanwhile, the total taxation revenues in 2016/2017 reached LE 464.4 billion, with an increase of 31.8 percent.

The conference discusses the comprehensive framework of plans to prevent the evasion of taxes, transfer profits, and the mobilization of domestic resources in Egypt.