By: Islam Fadl

Cairo – Mubasher: Egypt’s proceeds from the value-added tax (VAT) grew by 19.66% year-on-year during the first 11 months of fiscal year 2018/2019, according to data released by the Ministry of Finance (MoF).

Revenues from VAT on goods and services recorded EGP 310.03 billion from July 2018 to last May, compared to EGP 259.08 billion in the year-ago period.

Year-on-year, general taxes on sales rose to EGP 136.033 billion in the 11-month period ended 31 May from EGP 116.635 billion.

During the July-May period of FY18/19, revenues from taxes on local goods stood at EGP 42.267 billion, while revenues from taxes on imported goods totalled EGP 96.766 billion.

Revenues from taxes on services surged by 34.28% year-on-year to EGP 35.32 billion from July to last May, compared to EGP 26.31 billion.

Egypt's tax revenues increased to EGP 613.38 billion in the 11-month period ended 31 May, compared to EGP 519.49 billion in the year-ago period.

The North African nation’s tax revenues accounted for 80.2% of total revenues which hit EGP 764.6 billion from July 2018 to last May, compared to EGP 639.1 billion in the corresponding period a year earlier.

Translated by: Zeinab Adel