(MENAFN- Daily News Egypt) Head of the Tax Authority Abdel Moneim Mattar announced on 30 April that the total revenue collected by the authority from the beginning of the fiscal year until April amounted to EGP 200bn.
Mattar expects tax revenue by the end of FY 2015\2016 to register EGP 225bn, marking a 15% increase compared to the previous fiscal year, state-run news agency MENA reported.
In the current fiscal year (FY) 2015/2016, budget revenue from taxes are expected to amount to EGP 422.4bn (14.9% of GDP), compared to EGP 364.2bn expected in FY 2014/2015, a growth rate of approximately 13%.
Mattar added that revenues collected from sales tax surged 6% this fiscal year, expecting it to increase by 25% by the end of FY 2015\2016.
Revenue from sales taxes in the budget is expected to increase from EGP 118.4bn in FY 2014/2015 to EGP 159.8bn (5.6% of GDP) this year.
Minister of Finance's deputy for tax policies Amr El-Monayer said in a statement that tax revenue in the new fiscal year is expected to remain at EGP 422bn.
This came despite the government announcing its intention to apply the value-added tax (VAT) in FY 2016\2017, which is estimated to collect EGP 35bn.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.