Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Tax revenues jump 31.8% in FY2016/17: Egyptian minister
Published in Amwal Al Ghad on 04 - 10 - 2017

Total tax revenues for the financial year 2016/2017 increased by 31.8 percent 464.4 billion Egyptian pounds, from 352.3 billion pounds the year before, the county's Finance Minister Amr El-Garhy announced at a press conference on Tuesday, according to Al-Ahram Arabic website.
The increase in tax collections was mainly driven by the value-added tax, which was set at 13 percent last fiscal year.
Collections exceeded the targeted revenues by 8 percent, Deputy Minister of Finance Amr El-Monayer was quoted as saying by Egyptian newspaper Al-Mal.
Non-tax revenues increased by 30.6 percent year-on-year to 177.1 billion pounds, compared to 135.6 billion pounds, El-Garhy said.
Investments registered 109.1 billion pounds in the last financial year, a 57.6 percent increase compared to 69.2 billion pounds in financial year 2015/2016.
Total expenditures recorded 1.32 trillion pounds, compared to 817.8 billion pounds the year before, a 26.2 percent increase.
Total revenues recorded 659 billion pounds in fiscal year 2016/2017 from 491.5 billion last year, a 34.1 percent year-on-year increase.
The ministry collected 40 percent of its revenues electronically, and targets an increase to 80 percent next fiscal year, Deputy Minister of Finance Mohamed Maait noted.
The ministry is drafting a law on tax procedures, El-Garhy said. It will then be referred to the Cabinet, Al-Masry Al-Youm reported.
The budget's primary deficit, which is the deficit without accounting for debt services, was the lowest in eight years in fiscal year 2016/17, recording 63 billion pounds, compared to 95.9 billion pounds the previous year, Deputy Minister of Finance Ahmed Kouchouk said. It represents 1.8 percent of GDP.
Debt services reached EGP 316.6 billion, compared to 243.6 billion pounds the year before.
The interest rate hike is expected to lead to an increase in debt services to 410 billion pounds this fiscal year, compared to the projected 380 billion pounds.
The rate hike increased by 700 bps since 3 November.
The total deficit increased to 379.6 billion pounds, up from 339.5 billion pounds the previous year.
The total deficit to GDP represented 10.9 percent of GDP in fiscal year 2016/17, down from 12.5 percent in 2015/16.
The government is funding the budget gap with the sale of treasury bonds and bills, as well as external grants and loans.
Kouchouk said the Cabinet has given its preliminary approval on the upcoming eurobond issuance.
The Ministry is planning to issue $3-$4 billion in bonds next January, in addition to 1-1.5 billion in eurobonds in February, El-Garhy told Al-Mal.
An IMF delegation will visit Cairo at the end of October or mid-November to conduct a review of the government's economic reform programme before disbursing the third $2 billion tranche of a $12 billion loan in December, Kouchouk said.
On fuel subsidies, El-Garhy said the government does not intend to cut energy subsidies further this fiscal year, as world oil prices are currently stable. The subsidies are set to be lifted over the course of five years.
Source: Ahram online


Clic here to read the story from its source.