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FinancialNews


  • 04-04-18

    Egypt to increase tax revenues

    (MENAFN) Egypt is putting plans to increase the tax revenues' contribution to the gross domestic product (GDP) from 14% to 18%.

    Aimed at increasing the government revenues in the medium-run, the finance ministry is setting up a strategy in a bid to raise tax revenues' contribution to the GDP to 18%, which could slash the budget deficit, finance minister Amr El-Garhy said.

    The national economy still has many challenges to face, but our track is right, as the budget deficit reached 9.7% in the current fiscal year, El-Garhy added.

    The ministry is making plans to facilitate the process of paying taxes and other procedures and services associated with the tax authority, the top official revealed.

    A bill permitting entities and individuals to pay their taxes in two phases was sent to the Egyptian Parliament, the minister revealed.

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