Egypt’s budget revenue soars 29% in 7M

Egypt’s budget revenue soars 29% in 7M
Tax revenue surged to EGP 356.5 billion

By: Heba El-Kordy

Cairo – Mubasher: Egypt’s budget revenue went up 29% year-on-year to EGP 456.5 billion ($26.24 billion) from July 2018 to January 2019.

The growth in revenue stemmed from the increase in Egypt’s tax revenue, grants, and other income, according to data compiled by Mubasher.

Tax revenue surged 22% year-on-year to EGP 356.5 billion during the first seven months of the fiscal year 2018/2019.

During the said period, Egypt received EGP 489 million in grants, compared to EGP 274 million a year earlier.

The North African country's other income increased to EGP 99.52 billion in the seven-month period ended 31 January 2019, compared to EGP 61.5 billion in the year-ago period.

Egypt is expecting to generate EGP 989.18 billion in revenue at the end of the current fiscal year.

 

Translated by: Muhammad Abdul-Wakeel