Egypt expects $12.58 bn in additional revenue for 2015/16

Egypt aims to generate around LE98.5 billion (US$12.58 billion) of additional revenue this financial year by launching economic legislation and financial reforms, Finance Minister Hany Qadry Dimian said on Tuesday.
Egypt in July projected revenue for the financial year 2015/16 of LE622.2 billion. It also said it expected a budget deficit of 8.9 percent of gross domestic product.
Speaking at a conference in Cairo, Dimian said that the implementation of a long awaited value-added tax (VAT) by the end of 2015 would help generate the biggest bulk of the additional revenue, LE31 billion.
He also said a re-examination of existing service fees that had been implemented for many years would raise an additional 6.5 billion pounds.
Other chunks of extra revenue would include LE3 billion from steel licenses, LE2.8 billion from issuing telecom licenses and LE12.5 billion from agricultural land settlement.
(US$1 = LE7.8300)

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