Taxes collected during the first nine months of the fiscal year FY 2014/2015 registered EGP 180bn, increasing by 20% compared to the corresponding period the year before, Minister of Finance Hany Kadry Dimian announced Monday.
During this period, the minister added, the collected income taxes increased by 25%, while the sales tax climbed by 30%.
The minister added that until 29 April, approximately 353,000 tax reports were filed, increasing by 2% to 3% compared to the same period last year.
Discussing the capital gains tax, Head of Egypt’s Tax Authority Mostafa Abd El Qader said that he will meet with the minister in order to discuss the future of the tax.
“It is too soon to say whether there will be an amendment or not,” he said, adding that the capital tax’ fate will be more clear after the meeting.
The capital gains tax was introduced to the market in mid-2014, and was met with strong resistance from investors.
A lawsuit was recently filed by some investors to drop the capital gains tax, sparking rumors that amendments might be introduced and that the floor could be opened for further government/investors agreements.
