Global pressure mounts on Israel as Gaza death toll surges, war deepens    Egypt targets 7.7% AI contribution to GDP by 2030: Communications Minister    Irrigation Minister highlights Egypt's water challenges, innovation efforts at DAAD centenary celebration    Egypt discusses strengthening agricultural ties, investment opportunities with Indian delegation    Al-Sisi welcomes Spain's monarch in historic first visit, with Gaza, regional peace in focus    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Egypt's gold prices fall on Wednesday    Egypt expands medical, humanitarian support for Gaza patients    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    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.



Initial budget surplus of EGP 35.5bn in 9M of current FY: Egypt's Finance Minister
Planned increase in stock exchange duty cancelled, stamp duty stays at EGP 1.5
Nihal Samir Mohamed Samir Published in Daily News Egypt on 07 - 05 - 2019

Egypt achieved an initial budget surplus of EGP 35.5bn during the first nine months (9M) of the current fiscal year (FY), compared to a target of EGP 35bn, Finance Minister Mohamed Moeit revealed on Tuesday.
The 2018/19 primary balance figures do not take into consideration interest payments on outstanding government debts for the FY.
Notably, Egypt has to pay an external debt on 29 April 2020 of $1,000m.
He added that the performance of the state budget has significantly improved during the period from July 2018 to March 2019.
The minister noted that Egypt achieved a budget deficit of EGP 7bn during the same period last year, stressing that Egypt will achieve the targeted growth rate of 5.6% by the end of the current FY.
Moeit disclosed during a press conference on Tuesday, that the total budget deficit represents 5.3% of the GDP during the aforementioned period, down from 6.2% during the first nine months of the previous FY.
He also uncovered that Egypt achieved revenues of EGP598bn during the 9M of the current FY, up from EGP 498bn, a growth rate of 20%.
In addition, the minister revealed that the tax revenues grew by 16% during the period from July 2018 to March 2019, while customs rose by 18%, and real estate tax grew by 71% during the aforementioned period.
Furthermore, the minister brought up that Egypt's expenditures amounted to EGP 873bn, compared to EGP 772bn during the 9M of the current FY.
The minister of finance confirmed that the Unified Tax Procedures Law was finalised and will be sent during the next week to the council of ministers.
Furthermore, Egypt has drafted a law to keep a tax on the Egyptian Exchange (EGX) transactions at EGP 1.5 pounds per 1,000 transactions, backtracking on a scheduled increase to EGP 1.75 pounds per 1,000 transactions, due to take effect on June 1.
The country's ministry of finance said that the proposed change was designed to curb the financial burden on traders and support the activity of the EGX.
In 2017, the stamp duty was introduced at EGP 1.25 pounds per 1,000 transactions.

Clic here to read the story from its source.