Egypt's tax revenue hits 5 bln USD in Q1 of current fiscal

Cairo, Oct 16 (IANS)   Egypt gained 88.6 billion Egyptian pounds (5 billion USD) in tax revenue in the first quarter of the current fiscal year 2017/18, sources in the Finance Ministry said.

Egypt's tax revenue has reached 88.6 billion Egyptian pounds (5 billion USD) in the first quarter of the current fiscal year 2017/18 compared to 57 billion pounds in the same period last year, a senior official at the Finance Ministry said on Sunday, Xinhua reported.

"It is 1 percent above the targeted tax revenue for the first quarter of the current fiscal year," Amr al-Mounir, Deputy Finance Minister for Tax Policies, told reporters in a news conference.

He pointed out that the value-added tax (VAT) alone brought 50.7 billion Egyptian pounds while the income tax reached 21.76 billion Egyptian pounds.

"The tax revenues collected from state institutions like the Suez Canal Authority, the Central Bank of Egypt and the Egyptian General Petroleum Corporation hit 16 billion Egyptian pounds in the first quarter of the current fiscal year."