This will be boosted by expected tax revenues of EGP 1.6 trillion in FY 2022/202
The Egyptian state is expecting state budget spending to increase by 15% year-on-year to EGP 2.07 trillion, and the state budget deficit by 14.5% in the upcoming fiscal year to kick off in July (FY 2022/2023).
During his presentation for the new state budget draft, Finance Minister Mohamed Maait explained that Egypt is looking to raise revenues by 11% in the next FY, an estimated value of EGP 1.5 trillion.
This will be boosted by expected tax revenues of EGP 1.6 trillion in FY 2022/2023.
For FY 2022/2023, Egypt will be implementing serious structural reforms to boost investment and private sector contribution to economic activity, explained Maait, noting how it will help in diversifying production and increase local production.
Expected public tax revenues for the next fiscal year were estimated at around EGP 589.5 billion, value-added tax (VAT) by EGP 477.59 billion, customs tax revenues are forecasted to hit EGP 46.01 billion, with an expected EGP 55.68 billion to come from other tax revenues.
The country also expects to achieve other revenues of EGP 348.14 billion during the next fiscal year, compared to EGP 380.6 billion during the current fiscal year.
Alongside expected revenues, Egypt is looking to boost investments financed by the public treasury in FY 2022/2023 by 9.6% YoY.
Egypt aims to increase the value of investments financed by the treasury to EGP 376.4 billion, compared to expected estimates of EGP 343.4 billion by the end of the current fiscal year 2021/2022.
The government emphasized that it aims to implement new policies that would stimulate economic activities that support growth, especially in the industrial and export sectors, and be able to absorb the workers affected by the suspension of their activities.
