Egypt’s Tax Revenues Record Significant Rise

(3 Minutes Read)

The Ministry attributed the rise to the comprehensive growth across all types of tax collections, driven by the recovery of economic activity, the resolution of the foreign currency shortage, and the digitalization of tax systems, which improved tax administration and broadened the tax base.

The Ministry of Finance announced that Egypt’s tax revenues recorded a significant increase of 38.4%, equivalent to EGP 342.4 billion, during the period from July to February of FY2024- 25. Total tax revenues reached EGP 1.234 trillion, compared to EGP 892 billion during the same period last year.

In its statement, the Ministry attributed the rise to the comprehensive growth across all types of tax collections, driven by the recovery of economic activity, the resolution of the foreign currency shortage, and the digitalization of tax systems, which improved tax administration and broadened the tax base.

 The Ministry further noted that tax revenues from sovereign entities grew by EGP 78 billion, or 39%, reaching EGP 278.4 billion, compared to EGP 200.4 billion in the previous year. Meanwhile, tax revenues from non-sovereign entities rose by EGP 264 billion, or 38%, reaching EGP 956 billion, up from EGP 691.6 billion.

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Income tax collections also showed strong performance, rising by 21.3% (EGP 36.2 billion) to reach EGP 259.6 billion over the eight months. This growth was largely driven by a EGP 27 billion increase in tax revenues from local salaries, which reached EGP 110 billion. Tax revenues from commercial and industrial activities rose by EGP 7.7 billion to reach EGP 46.7 billion, while revenues from non-commercial professions grew by 36.8%, reaching EGP 7.9 billion. Additionally, corporate income taxes totalled EGP 189.8 billion.