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Egypt settles EGP 16bn taxes with petroleum companies

Egypt settles EGP 16bn taxes with petroleum companies
Total tax revenues increased by 10% to EGP 334 billion

Cairo – Mubasher: Egypt has settled due taxes worth EGP 16 billion owed by some petroleum companies, the Minister of Finance, Mohamed Maait, revealed.  

Total tax revenues increased by 10% to EGP 334 billion during the first half (H1) of fiscal year 2020/2021 from EGP 304 billion in the year-ago period, Maait said in a statement on Thursday.

This rise in tax revenues was backed by a 12.4% increase in tax revenues from non-sovereign entities as a result of the country’s efforts to expand the tax base and improve the tax collection system through electronic and automated collection solutions as well as tax incentives provided to taxpayers.

The country’s overall revenues grew to EGP 453 billion in the July-December period of 2020, compared to EGP 391 billion in the year-ago period.