Total tax revenues from July and August of the current fiscal year rose by 14 per cent, revealed the Egyptian Ministry of Finance yesterday. This jump brought the total to LE6 billion, up from LE5.2 b...

Total tax revenues from July and August of the current fiscal year rose by 14 per cent, revealed the Egyptian Ministry of Finance yesterday. This jump brought the total to LE6 billion, up from LE5.2 billion in the same period last year. The general budget performance report for the first two months of the current fiscal year also revealed a slight increase, with total public revenue and grants reaching LE22.7 billion, representing a 2.7 per cent increase in tax revenue and a 9.5 per cent decrease in non-tax revenue. Property tax revenue grew by 600 per cent in the same period, reaching LE1.2 billion, up from last year's LE200 million, the report revealed, while highlighting a decrease in tax revene from commodities, services and customs in the same fiscal year. Tax revenue from commodities and services decreased by 7.7 per cent reaching LE8.6 billion, while revenue from customs duties fell by 17.2 per cent. Non-tax revenue fell by 1.6 per cent to approximately LE5 billion. The report also revealed an increase in public expenditures from LE36.7 billion to LE47.4 billion from the same period in the previous fiscal year. The total budget deficit grew to 2.1 per cent of national production, reaching LE24.4 billion compared to LE14.8 billion last year. Excluding loan payments, the deficit totaled .9 per cent of production. The total spending on wages and employee compensation rose to LE14 billion, with interest on public loans also rising by 60.5 per cent to reach LE13.8 billion. The total cost of subsidies and grants soared to LE8.1 billion from LE7.6 billion in the last fiscal year. Locally held public debt rose from LE537.6 billion to LE640.6 billion.   (Source: Almasry Alyoum)