Egypt’s Minister of Finance, Mohamed Maait, announced on Monday that Egypt saw a growth in tax revenues of 38 per cent since the beginning of the current fiscal year, as reported by the Egyptian Cabinet.
This significant increase is attributed to the compliance rate for income tax registration standing at 66 per cent and for value-added tax at 49 per cent. During recent campaigns, an immediate payment of 1.6 billion Egyptian pounds was made towards tax liabilities.
Maait emphasised the crucial role of electronic tax systems in providing an accurate database of the volume of commercial transactions at the national level.
The electronic invoice system alone has issued more than a billion electronic invoices. Alongside the electronic receipt and electronic declaration systems, these digital platforms have contributed significantly to enhancing the governance of the tax community.
This led to the successful integration of a portion of the informal economy into the formal sector, further boosting the growth in tax revenues.”
