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Egyptian Tax Revenues Surpass One Trillion Pounds for the First Time: Ministry of Finance Report

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Egyptian Tax Revenues Exceed One Trillion Pounds for the First Time in History

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Introduction

According to data from the Egyptian Ministry of Finance, the country’s tax revenues experienced a significant increase of 28.6% year-on-year during the first 11 months of the last fiscal year. This marked a significant milestone as the revenues surpassed one trillion pounds for the first time ever.

Details of the Tax Revenue Increase

The Finance Ministry report revealed that Egypt’s tax revenue skyrocketed to £1.05 trillion from July 2022 to the end of May 2023, compared to £816.12 billion in the same period of the previous fiscal year.

The income tax revenue in Egypt also saw a remarkable rise during this period, reaching £425.56 billion, compared to £305.9 billion in the corresponding period of the previous financial year.

Moreover, property tax receipts experienced an increase, amounting to £107.84 billion, compared to £83.04 billion in the same period of the previous financial year.

Egypt’s value-added tax revenue also witnessed growth, reaching £471.86 billion in the 11-month period, compared to £389.27 billion in the same period of the previous fiscal year.

Additionally, tax revenue from international trade (customs) rose to £51.05 billion, surpassing the £37.8 billion recorded in the same period of the previous financial year.

Overall Revenue Increase

The total revenue for Egypt reached £1.27 trillion from July 2022 to the end of May 2023, compared to £1.03 trillion in the corresponding period of the previous financial year.

Source

Information obtained from Egyptian media.

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