Tax revenues surged 21% annually in FY2022/2023, Finance Minister

Cairo – February 11, 2024: Egypt’s tax revenues climbed by 21 percent annually during FY2022/2023 to hit LE 1.2 trillion, with the country’s tax collection rate surging by 42 percent in the first seven months of FY2023/2024.

Speaking to the media on the sidelines of this year’s World Government Summit, Egypt’s Minister of Finance Mohamed Maait highlighted Egypt’s current goal of achieving its highest primary budget surplus, aiming to hit 2.5 percent to reach LE 350 billion during the current fiscal year as part of its agreement with the International Monetary Fund.

The minister added that Egypt has accumulated around LE 171 billion during the July 2023 – January 2024 period.

Last week, Maait revealed that tax revenues for the FY2023/2024 amount to LE 1.5 trillion during his speech at the Egypt Annual Tax and Legal Seminar. The minister noted that tax revenues accounted for less than 35 percent of the overall revenues generated by state entities.

Earlier on Sunday, the finance minister represented Egypt in signing a protocol with the UAE to boost opportunities for investment cooperation in all fields. The agreement was centered on avoiding double taxation and preventing income tax evasion.

According to an official statement, Egypt is also working on automating the tax and customs systems to benefit from technologies such as artificial intelligence to raise the level of tax and customs performance.