Cairo – Mubasher: Egypt plans to raise its total tax proceeds in fiscal year 2019/2020 by 12.7% year-on-year, data by the Ministry of Finance (MoF) showed.

The Most populous Arab nation aims to generate tax receipts of around EGP 856.6 billion in FY19/20, up from estimated tax proceeds of EGP 759.9 billion in FY18/19, the MoF said in a statement.

The Egyptian government has estimated total taxes at EGP 1.028 trillion for FY20/21 and at about EGP 1.156 trillion in FY21/22, according to the statement.

Meanwhile, tax grants have been estimated at EGP 3.8 billion for the coming fiscal year, versus expected grants of EGP 1.15 billion in FY18/19, the MoF revealed.

Egyptian finance minister Mohamed Maait previously stated that Egypt’s public revenues increased by 18.5% in FY17/18 to EGP 781.1 billion.

Maait had also said that the state’s public expenditures rose by 17% year-on-year in FY17/18, reaching EGP 1.205 trillion on the back of the increase in social spending.