Egypt aims to raise tobacco tax revenues by $402M in 2018/19

CAIRO - 16 April 2018: Egypt aims to raise its revenues from taxes imposed on tobacco by LE 7.072 billion ($402 million) in the 2018-19 draft budget, a government document said.

The country is targeting around LE 58.524 billion ($3.33 billion) in revenues from tobacco taxes, according to a document released by the Finance Ministry to the parliament on Sunday.

The government is expecting revenues of LE 51.452 billion ($2.93 billion) from the tobacco taxes this financial year, which ends in June.

Egypt has been increasing taxes and cutting subsidies to narrow its budget deficit as part of economic reforms tied to a $12 billion International Monetary Fund program aimed at boosting the economy.

($1 = LE 17.5700)