Egypt's tax revenues surged by 35% to reach EGP 2.2trn ($46bn) in the last fiscal year, a growth achieved without imposing any new taxes or additional burdens, the head of the Egyptian Tax Authority said. Rasha Abdel Aal stated that a path of "tax facilitation," based on building trust and partnership with the business community, is stimulating voluntary compliance and attracting new taxpayers. Speaking at a press conference held by Finance Minister Ahmed Kouchouk to announce the previous year's fiscal performance, Abdel Aal provided a breakdown of the revenue sources. More than 141,000 taxpayers have registered in the e-commerce unit, contributing EGP 7.7bn in tax revenues voluntarily, an 84% growth rate. Additionally, 746,600 taxpayers are registered for value-added tax (VAT), and more than 805,000 for income tax. The treasury bills and bonds unit generated EGP 290.3bn in tax revenues, a growth rate of 81%, while the securities unit brought in EGP 26.1bn, an increase of 43.6%. Abdel Aal noted that 3.2bn electronic invoices and receipts were issued during the last fiscal year. She added that EGP 10bn in taxes were collected from the settlement of disputes and accounting for real estate transactions and unlisted securities. Tax revenues from electronic declarations for 2024 amounted to EGP 177.4bn, a growth rate of 107%. The tax chief also said that VAT refunds amounted to EGP 7.6bn, a growth rate of 200%, and EGP 12.2bn in tax revenues were generated through the risk management system by the end of last June. Furthermore, 152,400 taxpayers benefited from the maximum limit for late payment fees and additional taxes, with a value of EGP 17bn.
