Egypt’s tax revenues during July-August jumped 18.8%, recording EGP 109.8 billion compared to the EGP 92.4 billion recorded in July-August 2020, announced Ministry of Finance.

Tax revenues from sovereign bodies increased by EGP 14.8 billion in July-August of the current fiscal year (FY 2021/2022), recording EGP 24.6 billion overall compared to EGP 9.7 billion in July-August FY 2020/2021.

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Taxes from non-sovereign bodies went up by EGP 2.4 billion to record EGP 85.3 billion in the July and August of the fiscal year 2021/22, versus EGP 82.8 billion in the same period of the past fiscal year.

It noted that tax receipts from value added tax surged by 12.8% to stand at EGP 52.3 billion in July and August of the current fiscal year.

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Revenues from the tax on cigarettes and tobacco products increased by 16.4% to reach EGP 11.1 billion, while proceeds from the stamp tax went up by 8.3% to hit EGP 1.8 billion, the ministry said.

Tax revenues collected from the Suez Canal Authority increased by 10.4% within two months to stand at EGP 17.3 billion, the ministry added.