FINANCIAL NEWS

Egypt’s primary deficit falls by 40pct

22 Mar 2017

(MENAFN) The figure for Egypt’s primary deficit reached EGP43bn in the period from July 2016 to Feb 2017, compared to EGP70bn amid the same period of last FY.

Furthermore, the primary deficit posted a decline of 40 percent, whereas the primary deficit to GDP reached 1.3 percent.

Additionally, primary deficit varies from the whole fiscal deficit, while the fiscal deficit is defined as the difference between total income and spending.

The tax profits increased by 25 percent, involving increases in corporate tax by 27 percent, tax on wages by 16 percent, real estate tax by 132 percent and VAT by 31 percent.

MENAFN2203201700450000ID1095334555

MENAFN2203201700450000ID1095334555

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