State to fall short on tax revenue target pledged for next year -source

The Finance Ministry’s target for tax collection in the FY2017-18 budget could fall short of the IMF’s target, an unnamed source tells Al Borsa. The IMF reportedly expects Egypt to bring in around EGP 584.4 bn in tax revenues in FY2017-18, but the Ministry is discussing a figure closer to EGP 460 bn, the source says. The ministry sees its figure as “more reasonable” given the projections for economic performance and growth.