The revenues of income tax registered EGP 80.6 billion in FY 2011/2012, up from EGP 65 billion in FY 2010/2011, with an increase of 22.8%, thanks to the increasing number of taxpayers. Revenues of property tax rose by 45%, registering EGP 12 billion in FY 2011/2012.
Ahmed Refaat, the head of the Egyptian Tax Authority, attributed such increase in the revenues of income tax to the 17.8% increase in the revenues of tax on employment income, 37.3% increase in revenues of tax companies’ profit as it registered EGP 31.4 billion in FY 2011/2012, up from EGP 22.8 billion in FY 2010/2011 and the 14.9% increase in the revenues of tax on Suez Canal profits which registered EGP 10.8 billion, up from EGP 9.4 billion.
The revenues of property tax rose because of the increase in the revenues of tax on treasury bills and bonds which rose by 50.5%, registering EGP 9.2 billion for the period from May to July 2012, up from EGP 6.1 billion for the corresponding period in 2011, Refaat added. Businessman have tended to invest in treasury bills and bonds for being the most secure investment instruments that bring high return amid the deteriorated economic situation.
