Egyptian tax returns and valued-added tax revenues went up by 19.2% during the first 5 months of the current fiscal year (FY 2021/2022), up EGP 31.12 billion to reach EGP 197.3 billion, revealed the Ministry of Finance’s monthly report.

The data reported that value-added tax revenues climbed by 11.96% year-on-year (YoY) during the July – December period of 2021 (first 5M of FY 2021/2022), recording EGP 157.41 billion, compared to the first 5 months of FY 2020/2021 which recorded EGP 140.59 billion.

Egypt's tax revenues accounted for more than 79% of its total revenues achieved during July – December 2021, recording EGP 390.61 billion compared to EGP 366.62 billion in the same period in the previous FY.

General sales tax recorded EGP 76.17 billion in the 5-month period, up from EGP 66.74 in the FY 2020/2021’s first 5 months.

Taxes on local goods amounted to EGP 27.32 billion, while taxes on imported items reached EGP 48.85 billion during the July-November 2021 period.

The report also showed an increase in tax revenues from treasury bills and bonds by 84% YoY during the first 5 months of the current fiscal year.

The Ministry of Finance attributed the increase in tax revenue from treasury bills and bonds to the adoption of Law No. 3 of 2021, which included canceling the exemption scheduled for taxes collected in March 2021.