Non-tax revenues have decreased to EGP 58.2bn during the period of July to February in the current fiscal year (FY) 2014/2015, compared to EGP 105.4bn during the same period last FY, with a decrease rate of 45%, according to a Ministry of Finance monthly report.
The report attributed this decrease to cutbacks in grants (from foreign states, international organisations and government agencies), which amounted EGP 7.8bn in the period from July to February in the current FY, compared to EGP 51.3bn in the same period of the pervious FY.
Tax revenues rose by EGP 149.8bn during these months in FY 2014/2015 compared to EGP 148.8bn in the same period of FY 2013/2014, with an increase of EGP 1bn.
According to a report in March, tax revenues on goods and services were valued at approximately EGP 74.5bn from July to February, with an increase rate of 32.6% compared to EGP 56.1 during the same period in the previous FY. The revenues represent 3.2% of the GDP and about 49.8% of total tax revenues.
The report further mentioned that tax revenues on international trade rose to 12.6%, valued at EGP 12.5bn, compared to EGP 11bn during the same period in last FY. The revenue represents 0.5% of the GDP and about 8.3% of the total tax revenues.
“The property tax revenues rose by 6.8% and amounted EGP 13.5bn during the same period of the current FY compared to EGP 12.6bn in FY 2013/2014, representing 0.6% of the GDP and 9% of the total tax revenues,” the report read.
Meanwhile, the total income tax revenues amounted to EGP 49.3bn during the period from July to February with a decrease rate of 28%, compared to EGP 68.6bn in the same period last FY.