Tax proceeds totaled LE115.4 billion from July 2011 to March 2012, Finance Minister Momtaz al-Saeed has said, adding that the total amount of tax collected increased by 10 percent from the same period the year before.
In statements reported by news website Egynews.net, Saeed said proceeds from general taxes amounted to LE67.2 billion, indicating higher revenues for companies despite the unstable conditions in the country.
He added that sales tax proceeds for the same period totaled LE48.2 billion. The total number of tax statements submitted amounted to 2.2 million.
The tax proceeds include LE2 billion in overdue tax payments, which he said proves the efficacy of Law 11/2012, which deducts a quarter of the amount of total taxes for taxpayers with overdue payments who pay their taxes before the end of March 2012.
He said he expects tax proceeds to increase further, given that late taxpayers who pay their taxes by June will get a 15 percent discount, and those who pay between July and December will get a 10 percent discount.
