Egyptian tax revenues rise 61% in H1 of FY2017/18

Egypt’s tax revenues rose by 61 percent year-on-year during the first half of financial 2017/2018 that began in July, a Finance Ministry official said on Wednesday.

Revenues rose to 248.8 billion Egyptian pounds($14.10 billion) from 154.6 billion Egyptian pounds in the same period last year, Finance Ministry Deputy Mohamed Moeet said.

Egypt hiked taxes last year as part of economic reforms tied to a $12 billion International Monetary Fund loan aimed at boosting growth.

IMF Managing Director Christine Lagarde said at an economic conference in Marrakech last month that Middle Eastern countries should build broader tax bases to fund infrastructure projects and social spending.

Source: Reuters