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Egypt’s fiscal revenue to hit USD12.58b in 2015-16

30 Sep 2015

(MENAFN) According to Egypt’s Finance Minister, the country aims to generate around USD12.58 billion of additional revenue this financial year by launching economic legislation and financial reforms.

Egypt in July projected revenue for the financial year 2015/16 of USD79.2400 billion. It also said it expected a budget deficit of 8.9 percent of gross domestic product (GDP).

The minister 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 of USD3.94 billion.

Other chunks of extra revenue would include USD382 million from steel licenses, USD356.59 million from issuing telecom licenses and USD1.59 million from agricultural land settlement.

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