By Amina El Farnawany
Total tax revenues increased to EGP 36.1bn from July to August during the fiscal year (FY) 2015/2016 compared to EGP 27.0bn during the same period of FY 2014/2015, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
Taxes on goods and services accounted for the largest percentage of tax revenues, amounting to EGP 19.2bn during from July to August FY 2015/2016 compared to EGP 14.3bn during the same period of the previous year, according to CAPMAS’s monthly statistical report.
Taxes on income, profits, and capital gains came in second place of tax revenues during the same period, amounting to EGP 9.4bn compared to EGP 7.8bn during the year before.
Taxes on properties followed with EGP 4bn during July and August 2015 compared to EGP 2.9bn during the same period in 2014. Taxes on international trade came in next with EGP 3.5bn compared to EGP 2.9bn.
The report also said the structure of expenditures witnessed an increase in wages during July and August FY 2015-2016 with EGP 33.6bn, marking 30% of the size of expenditures, compared to EGP 32.8bn, 36.5% of the size of expenditures during the corresponding period last FY.
The size of interest acquired second place on the structure of expenses, amounting to EGP 35.7bn with a 32.3% increase, compared to EGP 30.3bn with 33.8% during the corresponding period of 2014/2015.
Other expenses amounted to EGP 8.7bn (7.9%) from July to August of the ongoing FY compared to EGP 7.2bn (7.2%) during the comparison period of FY 2014/2015.
This follows another previous monthly report by the Ministry of Finance, which attributed this increase to the marked improvement in the national economy and is reflected in an increase in tax revenue worth EGP 8.2bn to achieve a total of EGP 36bn, marking an increase of 29.3%.