Finance Ministry: Tax revenues hit LE 366.8B in 7 months

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Thu, 16 Apr 2020 - 05:04 GMT

FILE - Ministry of Finance

FILE - Ministry of Finance

CAIRO - 16 April 2020: Tax revenues from July to January of the fiscal year 2019/20 rose by 2.6 percent to hit LE 366.8 billion against LE 357.6 billion during the same period of the previous fiscal year, the Finance Ministry announced.

In a report released on Thursday, the ministry said the revenues from the income tax increased by LE 13.3 billion to register LE 120.2 billion, noting a surge in proceeds from the tax on goods and services by LE 191.3 billion during the seven months.

The ministry added that the non-tax revenues went up by LE 5.2 billion to record LE 106.6 billion in the seven months of the fiscal year 2019/20, compared to LE 101.5 billion in the same period of the past fiscal year.

It noted that the total public revenues grew by 3.1 percent to stand at LE 473.4 billion, versus LE 459.0 billion during the corresponding period the year before, while the total public expenditure rose by 9.7 percent to hit LE 737.1 billion.

The public spending on subsidized goods upped by 2% to reach LE 28.9 billion, while the government spending on health insurance and medicines hit LE 1.7 billion, the report said.

The public spending on commodities and services scaled up by LE 2.8 billion to register LE 36.4 billion, the report added.

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