Egypt Daily News – Egypt’s tax revenues jumped 38% year-on-year in the first half of the fiscal year, reaching EGP 913.4 billion, according to a government official.
On track to meet EGP 2 trillion target
Taxes account for over two-thirds of Egypt’s budget revenues, with the government aiming to collect nearly EGP 2 trillion in taxes by the end of the current fiscal year in June 2024. With the latest figures, the country has already achieved almost half of its target.
Breakdown of tax revenues
- General Tax Authority revenues: EGP 807 billion, including value-added tax (VAT) and income taxes on individuals and corporations.
- Customs duties: EGP 62.69 billion
- Land taxes: EGP 3.8 billion
- Development fees: EGP 40 billion
Key drivers of growth
The revenue surge is attributed to expanding the tax base and strengthening financial resources, according to the official. Another source highlighted the role of digitalization in tax and customs systems, as well as stricter oversight on informal financial transactions, which improved collection efficiency.
Decline in non-tax revenues
In contrast, non-tax revenues fell 2.16% year-on-year to EGP 145 billion. These revenues include:
- Proceeds from state asset sales
- Financial settlements between government entities
New taxation measures
The government also plans to tax economic entities and sovereign bodies, such as the New Urban Communities Authority, starting this fiscal year. This move is expected to generate substantial additional tax revenues.
