FILE - Egyptian Currency
CAIRO – 14 February 2014: Tax revenues in the current 2017/18 fiscal year reached LE 248.8 billion, compared to LE 154 billion last year, increasing by 61 percent, Deputy Finance Minister Mohamed Mait said in a press conference Wednesday.
Egypt's tax revenues for the first quarter of 2017/18 rose by 55 per cent y-o-y to LE 88.6 billion, the Finance Ministry announced in October.
The ministry said Sunday that the Tax Dispute Law succeeded to add LE 15.6 billion ($ 881.47 million) to the Egyptian treasury through 19 committees for ending tax disputes whether in income taxes or sales taxes.
In November 2017, Minister of Finance Amr el-Garhy announced the Cabinet's approval to extend the implementation of the law on settling tax disputes for two more years.
The Tax Dispute Law is specialized in income tax, real estate tax and value added tax (VAT).
In August 2016, Egypt’s Parliament approved a new law for settling tax disputes, targeting to resolve more than 6,000 tax disputes in courts, worth more than LE 47 billion.
Under that law, the government issued regulations to accelerate often lengthy tax disputes by resolving them through a committee of independent experts, instead of courts.
Egypt wants to achieve LE 603 billion in tax revenues in fiscal year 2017/18, which represent around 40 percent of the state’s total revenues. Non-tax revenues in the budget are expected to stand at LE 229.5 billion.