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Egypt’s VAT returns rise 19% in 10M

Egypt’s VAT returns rise 19% in 10M
Tax revenue accounted for 80% of Egypt’s total revenue

Cairo – Mubasher: Total value-added taxes (VAT) collected by the Egyptian government reached EGP 276.72 billion ($16.58 billion) during the first 10 months of the current fiscal year, up 18.7% from the year before.

Egypt’s proceeds from sales tax grew to EGP 127.49 billion from July 2018 to April 2019, against EGP 105.82 billion in the year-ago period, according to the Ministry of Finance (MoF).

The North African country’s total tax revenue increased to EGP 550.27 billion in the first 10 months of the fiscal year 2018/2019, from EGP 470.51 billion a year earlier.

During the ten-month period ended 30 April, tax revenue accounted for 80% of Egypt’s total revenue.