Tax revenues jump 6 pct as Egypt economy grows

Egypt’s tax revenue rose 6 percent in the fiscal year to June 30 after an unexpected surge in economic activity.

Egypt’s economy, which withstood the worst of the global economic crisis that began in mid-2008, was buoyed last year by resurgent tourism and Suez Canal receipts, along with resilient construction and gas exports.

Tax revenue in fiscal 2009/10 reached 148 billion Egyptian pounds ($26 billion), 12 billion more than budgeted.

Egypt reduced its income tax to a flat 20 percent for most income brackets in 2005, slashed customs duties and enforced tax reporting more strictly.

Egypt’s economy grew by 4.7 percent in 2008/09, down from about 7 percent over each of the previous three years.

Reuters

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