Tax revenues for FY2016-17 exceeded targets for the first time ever

Tax revenues for FY2016-17 exceeded targets for the first time ever, Vice Minister of Finance Amr El Monayer said, according to AMAY. El Monayer stopped short of specifying a figure, saying an announcement on that will come sometime this week. The last fiscal year was the first for Egypt’s value-added tax at a baseline rate of 13%. Finance Minister Amr El Garhy had estimated last month that tax revenues increased during FY2016-17 to EGP 450 bn from EGP 350 bn a year before. On inflation, El Monayer said the government’s forecast is for a 10% rate by the fiscal year starting July 2018. The CBE is sees the figure at 13% by the end of 2018.