Egypt tax revenues rose 25% in July, August

Egypt’s tax revenues rose by 25 per cent during the months of July and August to 216 billion Egyptian pounds ($4.4 billion), compared to about 172 billion pounds during the same period last year, Al-Borsa economic newspaper reported yesterday.

The paper cited unnamed government sources as saying that the increase in tax revenues is attributed to expanding the tax base, improving tax administration and unifying procedures for all tax authorities, in addition to automating income tax collection for employees in the public and private sectors.

Egypt relies mainly on taxes for revenues, while the rest comes from remittances from Egyptians working abroad, exports, tourism, Suez Canal revenues, loans and aid.

The Ministry of Finance aims to collect 2.02 trillion pounds ($40 billion) in tax revenues for the current fiscal year 2024/2025, or about 77 per cent of the state’s total public revenues and 11.8 per cent of the state’s gross domestic product.