#Egypt sees 19% rise in tax revenues in first half of FY2013/2014

Egypt’s tax revenues reached LE80.3 billion ($11.7 billion) for the period July to December 10th 2013, indicating a 19 percent increase from the same period in the previous year, according to the ministry of finance, citing Mamduh Omar, head of Egyptian Tax Authority (ETA) on Wednesday.

Sales tax revenue contributed LE29.2 billion ($4.2 billion) to the overall revenue collected, while income tax contributed LE51.1 billion ($7.4 billion).

An increase in tax revenues had been reported earlier in the year. Tax revenues from July to the end of October rose year-on-year by LE1 billion ($145.2 million) to LE49.81 billion ($7.2 billion).

The tax revenue target for the current fiscal year is LE325 billion ($47.2 billion), which contributes 62 percent to the overall government budget. The government is targeting LE130 billion in additional tax revenues for the fiscal year, said Omar, but that it hinges on implementing a Value Added Tax (VAT) system.

The tax returns season starts in January and lasts until the end of March for regular citizens and until the end of April for corporations and financial institutions.


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