Egypt’s Tax Revenues Jump Around 35% in Q1 of Current FY2023/24Source: www.export-egypt.com 12/4/2023, Location: Africa |
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Egypt’s tax revenue jumped 34.83 percent on an annual basis during the first three months of the new fiscal year (FY) 2023/2024, according to data released by the Ministry of Finance .
The Egyptian government collected EGP 285.03 billion ($9.22 billion) in taxes during the first quarter (July-September) of the current FY2023/2024, up from EGP 211.39 billion ($6.84 billion) collected in the same period of FY2022/2023. The official USD/EGP rate is nearly 31. On an annual basis, revenues from income tax and property tax grew by 41.5 percent and 37.4 percent, respectively, in the July-September period, recording EGP 87.62 billion and EGP 54.24 billion. Value-added tax (VAT) revenue jumped to EGP 127.86 billion in July-September from EGP 100.26 billion in the year-ago period. Egypt’s total revenue reached EGP 335.13 billion in July-September from EGP 258.85 billion in the same period of FY2022/2023. Total revenue rose 15.5 percent in FY2022/23, driven by a 27.2 percent surge in tax revenue. The Egyptian government targets collecting EGP 2.14 trillion in revenue in the FY2023/2024 budget, including EGP 1.53 trillion in taxes. |
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