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

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 previous fiscal year, surpassing one trillion pounds for the first time ever.

Impressive Growth in Tax Revenue

Egypt’s tax revenue soared 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, as stated in a report by the Finance Ministry.

Breakdown of Tax Revenue

Income tax revenue in Egypt rose to £425.56 billion during this period, a significant increase from £305.9 billion in the corresponding period of the previous financial year.

Property tax receipts also experienced growth, reaching £107.84 billion compared to £83.04 billion in the same period of the previous financial year.

Furthermore, Egypt’s value-added tax revenue increased to £471.86 billion in the first 11 months, compared to £389.27 billion in the same period of the previous fiscal year.

Tax revenue from international trade, specifically customs, also saw a notable rise to £51.05 billion during this period, compared to £37.8 billion in the same period of the previous financial year.

Overall Revenue Growth

In total, Egypt’s revenue surged to £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.