Ministry: EGP 160.4bn increase in Egypt's tax proceeds in 7 months

Tax revenues have witnessed an increase of EGP 28.5 billion in seven months (July 2015 to January 2016) as an amount of EGP 160.4 billion was collected, compared to EGP 131.8 billion in the same period of 2014, the finance ministry has said in a statement Wednesday.

The Ministry of Finance said that the improved performance of tax proceeds appeared due to tax reforms that have been applied since the beginning of the last fiscal year.

In its report, the ministry said revenues from income taxes rose by 16.8 percent to reach EGP 51.8bn during the seven months against EGP 44.4bn in the corresponding period of the previous year.

Taxes on salaries increased by 20.8 percent to EGP 14.9bn, while the taxes on goods and services rose by 19.5.9 percent to EGP 77.5bn in seven months, compared to 64.8 during the same period last year.