{"id":600710,"date":"2019-02-07T03:21:26","date_gmt":"2019-02-07T03:21:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/egypt-working-on-new-revenue-strategy-to-plug-budget-deficit\/"},"modified":"2019-02-07T03:21:26","modified_gmt":"2019-02-07T03:21:26","slug":"egypt-working-on-new-revenue-strategy-to-plug-budget-deficit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/egypt-working-on-new-revenue-strategy-to-plug-budget-deficit\/","title":{"rendered":"Egypt working on new revenue strategy to plug budget deficit"},"content":{"rendered":"

<\/a> EXCLUSIVE- New revenue strategy to curb budget deficit could be on the way: <\/b>The government is discussing a new revenue strategy with the goal of cutting the budget deficit to 5% over the next 3-4 years, a senior government official told Enterprise. The government expects tax revenues to surpass EGP 1 tn over the coming years under the new strategy, which relies on several pillars:<\/p>\n

Improving the tax collection process:<\/b> The in-the-works strategy could include measures improve the tax collection process with the aim of raising tax receipts to 18-20% of GDP, up from a current 14.6%, the source said. Amending tax legislation<\/b> to fix loopholes<\/b> and have it match international standards to attract investors would be on the agenda.<\/p>\n

Convincing the informal economy to go legit <\/b>will also be part of the government\u2019s new revenue strategy, the source said. Incentives, including VAT discounts access to subsidized finance and insurance could be on offer to those who register their businesses and pay taxes. The government does not have an accurate figure of the size of the informal economy, but the source said unofficial data indicates it is at least as large as the official economy.<\/p>\n

What about non-tax revenues? <\/b>Increasing the prices of a number of services and commodities \u2014 that have stagnated for far too long \u2014 would also be on the agenda, the source said. The state\u2019s privatization program would also fall under this category, as would efforts to amend the Mineral Resources Act<\/a> to make the best use of the country\u2019s natural resources. Increasing development fees and the state\u2019s allocation in private funds<\/a> would also be part of the strategy, which would also include efforts by the government to re-prioritize its spending plans to curb expenses and balance the budget.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- New revenue strategy to curb budget deficit could be on the way: The government is discussing a new revenue strategy with the goal of cutting the budget deficit to 5% over the next 3-4 years, a senior government official told Enterprise. The government expects tax revenues to surpass EGP 1 tn over the coming […]<\/p>\n","protected":false},"author":1,"featured_media":600711,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[279,72,348,2412,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budget-watch","tag-enterpriseam","tag-gdp","tag-informal-economy","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"b681113a-3144-4ab9-96b4-7fbd2cdf8f76","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/2\/2118.jpg","photo_position":"above","related_issue":[600705],"teaser":"","voice_url":""},"yoast_head":"\nEgypt working on new revenue strategy to plug budget deficit - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/02\/07\/egypt-working-on-new-revenue-strategy-to-plug-budget-deficit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt working on new revenue strategy to plug budget deficit\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- New revenue strategy to curb budget deficit could be on the way: The government is discussing a new revenue strategy with the goal of cutting the budget deficit to 5% over the next 3-4 years, a senior government official told Enterprise. 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The government is also planning to maintain a 2% annual\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570596,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/07\/finmin-expecting-egp-974-bn-in-tax-revenues-for-draft-fy2020-2021-budget\/","url_meta":{"origin":600710,"position":1},"title":"FinMin expecting EGP 974 bn in tax revenues for draft FY2020-2021 budget","author":"enterpriseam admin","date":"7 April 2020","format":false,"excerpt":"BUDGET WATCH- The Finance Ministry is aiming to collect EGP 974 bn in tax revenue in the coming fiscal year, according to its draft FY2020-2021 budget, the local press reports. This would mark a 13.7% increase from the EGP 856.6 bn the ministry expects to collect during the current fiscal\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621736,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/egypts-finance-ministry-sees-the-economy-growing-at-a-blistering-6-5-in-the-states-2019-20-fiscal-year\/","url_meta":{"origin":600710,"position":2},"title":"Egypt\u2019s Finance Ministry sees the economy growing at a blistering 6.5% in the state\u2019s 2019-20 fiscal year","author":"enterpriseam admin","date":"18 November 2018","format":false,"excerpt":"The Finance Ministry sees the economy growing at a blistering 6.5% in the state\u2019s 2019-20 fiscal year, up from a projected 5.*% this fiscal year. 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The ministry sees GDP growth accelerating to 6.9% in 2020-21 and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":623420,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/30\/madbouly-govt-at-work-on-2019-20-budget-sees-gdp-growing-at-6-clip-and-oil-at-usd-80-bbl\/","url_meta":{"origin":600710,"position":3},"title":"Madbouly gov\u2019t at work on 2019-20 budget, sees GDP growing at 6% clip and oil at USD 80 \/ bbl","author":"enterpriseam admin","date":"30 October 2018","format":false,"excerpt":"** #4 EXCLUSIVE- The Madbouly government has started work on the FY2019-20 budget, with various government departments tallying up their budgets and projection, a senior government official told us yesterday. The government is targeting GDP growth of 6% in its next fiscal year, up from 5.5% this fiscal year. The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598693,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/02\/egypts-budget-deficit-hits-5-3-of-gdp-in-9m2018-2019\/","url_meta":{"origin":600710,"position":4},"title":"Egypt\u2019s budget deficit hits 5.3% of GDP in 9M2018-2019","author":"enterpriseam admin","date":"2 June 2019","format":false,"excerpt":"Egypt\u2019s budget deficit fell to 5.3% of GDP in 9M2018-2019, compared to 6.2% in the same period the previous year, the Finance Ministry said in its April monthly bulletin (pdf). The primary surplus came at 0.7% of GDP during the first nine months of the fiscal year. The numbers came\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559732,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/02\/maait-presents-medium-term-fiscal-targets\/","url_meta":{"origin":600710,"position":5},"title":"Maait presents medium term fiscal targets","author":"enterpriseam admin","date":"2 February 2021","format":false,"excerpt":"Egypt\u2019s tax revenues are expected to hit EGP 862 bn in FY2020-2021, up from EGP 676.8 bn last fiscal year, Finance Minister Mohamed Maait told the House of Representatives yesterday in a review of the government\u2019s medium-term fiscal plans, Al Mal reports. The initial state budget forecasts \u2014 which have\u2026","rel":"","context":"In "PUBLIC FINANCE"","block_context":{"text":"PUBLIC FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/category\/public-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/45.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=600710"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600710\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600705"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/600711"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600710"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600710"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}