Egypt Watch

Tax revenue increased to EGP 366.8 bn in 7 months

Tax revenue increased by 2.6 per cent during the period from July 2019 to January 2020 to reach EGP 366.8 billion ($23 billion) compared to EGP 357.6 billion ($22.7 billion) during the same period in the previous fiscal year. In its report, the Ministry of Finance stated that the revenue from income taxes increased by about EGP 13.3 billion ($845 million) to reach EGP 120.2 billion ($7.6 billion) within seven months, due to the increase in taxes on local salaries to EGP 35.3 billion ($2.2 billion), and an increase in taxes on goods and services to reach EGP 191.3 billion ($12.1 billion) within seven months. Non-tax revenue generated EGP 106.6 billion ($6.7 billion) against EGP 101.5 billion ($6.5 billion) during the same period in the previous fiscal year.

Government property revenue increased by 19.7 per cent to reach EGP 43 billion ($2.7 billion) during the study period compared to EGP 35.9 billion ($2.2 billion) during the same period in the previous fiscal year, and the proceeds from the sale of goods and services increased by EGP 2.6 billion ($165 million) to reach EGP 34 billion ($2.2 billion). Total revenue increased by 3.1 per cent to record EGP 473.422 billion ($30 billion), and total expenses increased by 9.7 per cent to EGP 737.105 billion ($46.9 billion). Tax revenue estimated at EGP 856.61 billion ($54.4 billion) at the end of the fiscal year 2019-2020. The government plans to increase it to EGP 964.77 billion ($61.3 billion) in the 2020-2021 budget.