Egypt collects LE267 billion in tax revenues during FY2014/2015

Egypt has collected LE267 billion ($34.1 billion) in tax revenues expected in the 2014/2015 fiscal year, the government announced Wednesday.

Revenues amounted to LE162 billion from income tax, which was set at as high as 30 percent on the largest taxpayers, while revenues from sales taxes amounted to LE105 billion, said the head of the Tax Authority, as reported by the state-run MENA news agency.

Last year the government introduced a temporary five percent income tax hike to raise the tax rate for individuals and corporations earning more than LE1 million annually to 30 percent for the following three years, in an effort to tackle the country's growing budget deficit.

It also passed several consecutive sales tax hikes on consumer goods, such as cigarettes and alcohol, in recent years.