Egypt’s tax revenues have surged 38.3% from July to October 2024, reaching EGP 560.7 billion, compared to EGP 405.5 billion in the same period last year.
This growth, the highest in two decades, has bolstered the national treasury by an additional EGP 155.2 billion, according to Daily News Egypt.
The country’s Ministry of Finance has attributed to widespread growth across all tax categories, fueled by economic recovery, the resolution of the foreign currency crisis and tax system modernisation efforts.
The Ministry further highlighted that sovereign tax receipts rose by EGP 37.4 billion (35.2%) to EGP 143.7 billion, while non-sovereign tax revenues saw a significant rise of EGP 117.9 billion (39.4%), reaching EGP 417.1 billion.
Gwoth by tax category:
Revenues from all tax categories increased during this period, as follows:
- Income Tax: Tax revenues from income taxes increased by 7.7%, reaching EGP 141.1 billion. Corporate tax revenue amounted to EGP 79.6 billion.
- Value-Added Tax (VAT):Â VAT revenue surged by 42.7%, totalling EGP 261.2 billion. VAT receipts from goods increased by 68.5% to EGP 154.5 billion.
- Property Taxes:Â Revenues from property taxes rose 68.1%, reaching EGP 118.9 billion.
- Taxes on International Trade:Â Revenue from taxes on international trade grew 90.3%, totalling EGP 39.6 billion.
The Ministry of Finance remains committed to maintaining stable tax collection while fostering a favorable investment climate. Recently, the first phase of tax incentives was launched, with further reforms anticipated to enhance the investment environment.
