Tax revenues up to $ 17.9 bn

CAIRO- 22 June 2017: Egyptian Finance Minister Amr El-Garhy announced on Wednesday that tax revenues reached LE 325.4 billion ($ 17.9 billion), recording a 33.5 percent increase July-April in fiscal year 2016-2017 compared to LE 243.8 billion during the same period in the previous fiscal year.


The ministry stated that the increase in revenues is due to the tax reforms implemented at the beginning of the current fiscal year, whereby taxes on bank revenues increased to LE 112.3 billion as a result of a 17 percent increase in taxes on local salaries. The Suez Canal tax revenues grew by 77.1 percent reaching LE 17 billion.

The tax revenues on commodities and services went up by 36.5 percent to record LE 152.2 during the 10 months when sales taxes rose by 63.9 percent, yielding a total of LE 75 billion. Meanwhile, taxes on services increased by 20.8 percent to reach LE 14.2 billion.

The Finance Ministry also stated that property tax revenues grew by 11.5% to reach LE 24.7 billion, while tax revenues on international trade (custom taxes) increased to LE 21.7 billion compared to LE 17.9 billion during the same period in the previous fiscal year.