Ministry Reports 38.3% Growth in Tax Revenues in Last Four Months
The Ministry of Finance credited the growth to tax system reforms and improved macroeconomic conditions.
The Ministry of Finance has reported a significant increase in the country's tax revenues for the period between July and October 2024. Tax receipts grew by 38.3%, or EGP 155.2 billion, bringing the total to EGP 560.7 billion. This marks the highest tax revenue growth in two decades, surpassing the EGP 405.5 billion collected during the same period in 2023.
The ministry attributed the growth to structural reforms to Egypt’s tax system through increased automation and efforts to expand the tax base as well as an improvement in overarching macroeconomic conditions including the overall recovery of economic activity and the resolution of the foreign exchange crisis.
Significant growth was seen across a range of tax categories. Income tax revenues increased by 7.7%, or EGP 10.1 billion, reaching EGP 141.1 billion. Corporate tax revenue also saw a strong increase, amounting to EGP 79.6 billion. VAT revenue surged by 42.7%, or EGP 78 billion, bringing the total to EGP 261.2 billion. Property tax revenues grew by 68.1%, or EGP 48.2 billion, reaching EGP 118.9 billion, and taxes on international trade saw a sharp rise of 90.3%, or EGP 18.8 billion, bringing the total to EGP 39.6 billion.
Looking ahead, the Ministry of Finance aims to maintain tax stability and improve the efficiency of the tax system. Ongoing reforms and efforts to enhance tax compliance and collection are expected to support Egypt's fiscal health and contribute to the country's broader economic objectives in the coming years.
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