EGP 6.7 Bln Taxes Collected By NBE Through Checks

The National Bank of Egypt (NBE) stated that the total value of tax payments through checks registered about EGP 6.7 billion last July, said Mohamed Ihab, head of banking services group at NBE.

The value of payments targeted to be collected this year by the bank is more than EGP 130 billion, he added. NBE allocated 93 branches of its 270 branches for conducting such payments.

The conventional tax payment methods witness more demand than the electronic tax payment as the latter is not broadly spread. NBE received about EGP 49 million in taxes electronically in July 2012.

NBE collected about EGP 82 billion in taxes electronically in FY 2011/2012, accounting for 97% of the total value of the electronic payments. NBE has 1253 ATMs which conducted transactions worth EGP 40 billion in 2011.