Cairo – Mubasher: Egypt’s ministry of finance (MoF) denied reports stating that the country is losing EGP 10 billion annually due to tax evasion practices.

The ministry stressed on the efficiency of the country’s tax system, according to a statement released by the cabinet’s media centre on Thursday.

It is noteworthy that the most populous Arab nation plans to generate tax proceeds of around EGP 856.6 billion in fiscal year 2019/2020, up from estimated tax proceeds of EGP 759.9 billion in FY18/19.