Value Added Tax to up tax revenues by 30bn EGP

Chairman of Egyptian Tax Authority Abdel Moneim Matar

Applying Value Added Tax bill will up tax revenues by 30 billion EGP in the 2015/2016 fiscal year, the Tax Authority chairman said.

During a pre-dawn meal Tuesday, Abdel Meneim Matar said the bill is scheduled to be ratified during the new fiscal year.

He said the authority's target is to collect a total of 100 billion EGP in the new fiscal year.

The remaining 70 billion EGP represents 25 to 30 percent of the previous year's taxes.