Egypt tax revenues up by 62% y-o-y in 1H 2017-18

Tax revenues increased by 62% year-on-year to EGP 249 billion in the first half of fiscal year 2017-18, Vice Minister of Finance Amr El-Mounayer said Sunday, state-run MENA news agency reported.

The figure includes income tax revenues which increased by 41% year-on-year to EGP 103 billion, and value-added tax revenues which were recorded at EGP 121 billion -- an 83% year-on-year increase.

Real estate tax proceeds grew by 70% year-on-year to EGP 1.6 billion in H1 2017-18.

Customs revenues also increased by 44% year-on-year to EGP 15 billion in the same period.

Egypt's tax revenues for Q1 2017/18 rose by 55% y-o-y to EGP 88.6 billion, the country's finance ministry had announced in October.