Tax revenues reach EGP 305.9bn in 2014/2015

Tax revenues were estimated at EGP 305.9bn in the fiscal year 2014/2015, a Finance Ministry report said.

The revenues have grown by 17.5 percent, compared to EGP 260.2bn in 2013/2014, according to the report on the final results of the state's public budget performance.

Customs revenues also increased by 23.7 percent to EGP 21.9bn in 2014/2015, the highest in three years, compared to EGP 17.7bn in 2013/2014.

Last night, the The Egyptian Tax Authority (ETA) said tax revenues increased in the first quarter of the 2015/2016 fiscal year (July-September) by EGP 13.3bn to reach EGP 64.5bn, compared to the same period last year.

ETA ascribed the increase to the tax reforms, applied since the beginning of the last year.

The data showed that revenues of income tax rose 30.5 percent to EGP 23.6bn in three months, compared to only EGP 18bn during the same period last year.