The Egyptian Tax Authority collected taxes amounting to LE 115.91 billion during the first quarter of the current fiscal year 2018/2019, according to Head of the Authority Emad Samy.
Samy noted that this amount represents 108 percent of the targeted total of LE 107.44 billion, with an increase of LE 8 billion compared to the prior year.
According to Samy, the proceeds are divided to LE 48.8 billion as income tax revenues, and LE 67.1 billion as value-added taxes.
MP Mustafa Salem, the deputy commissioner of the plan and the budget called during the meeting of the Committee on the president of the Egyptian Tax Authority to announce the proceeds of the first three months from July 1 to September 30 as such data are significant for the House of Representatives and citizens.
Salem clarified that tax revenue is one of the main pillars on which the state budget is based.
In 2018/2019 budget, Egypt targets to hit revenues of LE 989.2 billion, where taxes and tariff yields will contribute LE 770.3 billion to the new budget’s revenues.
