Maait: Tax Revenues Expected to Increase 18.3% in FY 2021/22

Minister of Finance Mohamed Maait said that the tax revenues in the budget of the fiscal year 2021/22 will witness an increase of 18.3% compared to 2020/21, reflecting the efforts of the state to develop revenues and expand the tax base, in addition to implementing structural measures within the framework of seasonal reform of the tax system.

Maait made these statement while delivering the government’s financial statement for the draft budget for the FY 2021/22 before the parliament’s general assembly meeting held on Sunday.

Maait added that the government aims, in the draft budget for the fiscal year 2021/22 to strengthening the taxation system, taking into account the foundations of social justice and fair distribution of tax burdens, without prejudice to the poorest classes in society.

He pointed out that the income tax proceeds from non-sovereign entities are expected to grow by 19.1% in the FY 2021/22 to EGP 297.1 billion.

The minister noted that the value-added tax (VAT) revenues on all goods and services in FY 2021/22 are expected to grow by 17.2%, compared to the current fiscal year, to EGP 449.6 billion.