Egypt has settled due taxes worth 16 billion Egyptian pounds owed by some petroleum companies, the Minister of Finance, Mohamed Maait, revealed.
Total tax revenues increased by 10 percent to 334 billion pounds during the first half (H1) of fiscal year 2020/2021 from 304 billion pounds in the year-ago period, Maait said.
This rise in tax revenues was backed by a 12.4 percent increase in tax revenues from non-sovereign entities as a result of the country’s efforts to expand the tax base and improve the tax collection system through electronic and automated collection solutions as well as tax incentives provided to taxpayers.
The country’s overall revenues grew to EGP 453 billion in the July-December period of 2020, compared to EGP 391 billion in the year-ago period.
