Minister of Finance Dr. Youssef Boutros Ghali has called on the tax departments to adopt the newly formed strategies to achieve set targets for the State Budget in fiscal year 2006/2007.

Dr. Ghali said the State Budget for the new fiscal year has set tax and customs revenues at 105 bn and 644.7 million pounds, an increase of 29.5% over the last fiscal year.

Dr. Ghali has affirmed that the targeted taxes for the new fiscal year, showing at a currently high level compared to GDP, will not be tied to demands for new taxes but will be accompanied by reductions in stamp duties and in income taxes.

Dr. Ghali has explained that increased revenues in the current fiscal year will be a consequence of upgraded performance and a more active pursuit of delayed taxes, a big batch of which will be turned over from the collection of  petroleum taxes.

(source: almessa)