Tax revenues rise to EGP 261bn in 11 months

Tax revenues rose by EGP 48 billion during July/May of 2014-2015, to hit EGP 261 billion, compared to EGP 213 in same period last year, the Finance Ministry said Thursday.

In its report, the ministry said revenues from income taxes rose by 14.2 percent, to reach EGP 111 billion in eleven months, against EGP 97.2 billion in the corresponding period of the previous year.

Tax revenues from financial companies, excluding sovereign bodies such as oil companies, Suez Canal, and the Central Bank, also shot up by 42.5 percent to reach EGP 33 billion.

Meantime, revenues collected from the central bank went up by 27.6 percent to reach EGP 4 billion and Suez Canal by 1.7 percent to EGP 11.7 billion.