Cairo – Mubasher: Egypt’s total tax revenues surged by 62% to EGP 249 billion in the first half of FY2017/2018, deputy finance minister for tax policies Amr Al-Mounir said.

Total tax receipts increased by 41% to EGP 103 billion in H1, while the value-added (VAT) revenues amounted to EGP 121 billion with a growth rate of 83%, Al-Mounir added.

Moreover, property tax revenues rose by 70% to EGP 1.6 billion in H1, while customs receipts went up by 44% to EGP 15 billion.

Given that finance minister Amr El-Garhy had previously said that tax revenues in Egypt’s general budget surged 31.8% year-on-year in FY16/17.