Cairo – Mubasher: Egypt's tax revenues increased by EGP 58.7 billion year-on-year to EGP 156.7 billion from July 2017 until January 2018, Ministry of Finance’s (MoF) data showed.

The hike of tax revenues was attributed to an EGP 81.8 billion growth in value-added tax (VAT) proceeds, in addition to an EGP 22 billion increase in income tax receipts, according to the MoF’s data.

The ministry aims at raising tax revenues of EGP 770.28 billion in the 2018/2019 budget, compared to EGP 603.91 billion in the current fiscal year.

The North African nation put the VAT into effect on 10 September 2016.