Minister of Finance: 20% Increase in income and sales tax up to  LE 145 billion till mid-April.

Some members in  large taxpayers  center paid early their tax.

Navigation companies propose to pay taxes in dollar to supporting Egypt.

Increasing indicators in banking and financial sector interests, and a slowdown in tourism and contracting sector activity – arrears collection of large taxpayers about LE 1.7 billion.

Minister of Finance Dr. El Morsy Hegazy announced that income and sales tax collected revenues increased to reach LE 145 billion since the beginning of the current fiscal year till mid-April with an increase of 20% compared by the same period in the last year. LE 100 billion has been paid by 2000 companies and individual taxpayers which are members of center of large taxpayers with an increase of 15% than the similar period.

Minister disclosed that some of major operating companies in Egypt have paid its taxes early before the end of fixed period to submit tax declarations which ended by 30 April, in order to support Egyptian economy, pointing to that some of operating companies in navigation sector has proposed to pay their due taxes in dollar in according to announced prices from Central Bank by a goodwill initiative from tax community reveal the extent of their support for Egypt and the authenticity of our people.

The Minister called on all companies and institutions to submit their tax declarations quickly and payment of due taxes on their earnings for the year 2012, and not to wait the last day of the tax season, pointing to the ministry of finance has taken all measures to facility declarations submission and online paying taxes via a large network of bank affiliates and post offices over number than 3000 bank affiliates and post offices cover all over the Republic of Egypt.

The Minister called on taxpayers to take advantage of the electronic payments services for due taxes and customs which allows the taxpayers to profit of many facilities whether in terms of saving time and effort during the payment of taxes due on taxpayers by traditional methods or protection and safety provided by the system to public funds which are paid online form customer’s account to tax administration accounts among treasury consolidated account in Central Bank.

This is what allows to public treasury to take advantage of these funds to finance public spending by the second day of repayment rather than waiting for about two weeks till be entered in the accounts of ministry of finance if payment was made by traditional methods in cash or by checks.

For his part, head of center of large taxpayers Osama Tawakol revealed about improved operations results of financial sector especially in banking during the year 2012, as well as earnings of operating corporations in telecommunications, fertilizers, iron sectors have raised significantly despite a decline in their profits achieved in the second semester of last year thanks to a breakthrough performance during first semester of the year, pointing to a continued decline in both of real estate investment and tourism sectors activity due to current events.

In regard to total tax proceeds for the current fiscal year he expected to reach about LE170 billion by a ratio more than 20% of last year despite of current events and economic activity decline.

For tax arrears the office of large taxpayers succeed to collect LE one billion and LE700 million of those arrears till the end of February this year, pointing out that the center is preparing currently an integrated plan to activate these arrears with inventory to exclude the disputed tax value whether in internal committees or appeal committees or in the courts Said Tawakol.