Tax revenues have climbed by 21% annually during FY2022/2023 to hit EGP 1.2 trillion, the finance minister told media on Sunday
Egypt’s tax revenue collection rate has surged by 42% in the first 7 months of FY2023/2024, explained Finance Minister Mohamed Maait on the sidelines of this year’s World Government Summit.
Tax revenues have climbed by 21% annually during FY2022/2023 to hit EGP 1.2 trillion, the finance minister told media on Sunday.
Maait highlighted Egypt’s current goal of achieving its highest primary budget surplus, aiming to hit 2.5% to reach EGP 350 billion during the current fiscal year as part of its agreement with the International Monetary Fund. The minister added that Egypt has accumulated around EGP 171 billion in the July 2023 – January 2024 period.
During his speech at the Egypt Annual Tax and Legal Seminar last week, Maait revealed that tax revenues for the FY2023/2024 amounted to EGP 1.5 trillion, with tax revenues accounting for less than 35% of the overall revenues generated by state entities.
Representing Egypt, Maait signed a protocol with the UAE early Sunday to boost opportunities for investment cooperation in all fields. The agreement was centered on avoiding double taxation and preventing income tax evasion.
According to an official statement, Egypt is also working on automating the tax and customs systems to benefit from technologies such as artificial intelligence to raise the level of tax and customs performance.
