Tax revenues up by LE21 billion in five months, authority says

Tax revenues have jumped by LE21 billion during the period from 1 July-25 November 2012, reaching LE67.683 billion, the Egyptian Tax Authority said Wednesday.

It noted that the amount marks a 115.3 percent increase from the same period last year.

Authority chief Mamdouh Omar said tax revenues represent “Egypt's hope” to overcome its current economic crisis. He urged workers to provide taxpayers with the best services possible, and to exert all efforts possible to hit the revenue target for the current fiscal year 2012\2013, which is nearly LE233 billion.

Omar said the authority has started preparations for a new tax statements season on the first of January. The season ends on 31 March for individuals and on 30 April for corporations.

He added that the authority had developed a plan to collect delayed taxes to benefit the state treasury.

On Sunday, the World Bank said Egypt’s average total tax rate is well below the world average.

The “Paying Taxes 2013 report,” released by the World Bank and International Financial Corporation on Sunday, said Egypt’s total tax rate, or the burden ratio at which individuals or businesses are taxed, is 42.6 percent divided into income, profit and labor taxes, while the global average reached nearly 44.7 percent.

Edited translation from MENA

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