Cairo – Mubasher: Tax and non-tax proceeds from Egypt’s Suez Canal to the state treasury amounted to EGP 56.91 billion during the first 11 months of fiscal year 2019/2020, down by 5.9% from EGP 60.5 billion in the year-ago period.

Taxes on Suez Canal’s earnings reached EGP 29.8 billion in the 11-month period ended on 31 May, down from EGP 34.2 billion in the corresponding period a year earlier, according to a report by the Ministry of Finance.

The decrease in tax proceeds from Suez Canal was attributed to the recent appreciation of the Egyptian pound against the US dollar. 

On the other hand, non-tax proceeds from Suez Canal rose to EGP 27.11 billion from July 2019 until the end of last May from EGP 26.3 billion in the year-ago period.

It is noteworthy to mention that Egypt’s total revenues grew to EGP 787.79 billion during the 11 months from EGP 770.09 billion in the same period a year earlier.