Egypt’s tax revenues rose by 42% year on year (YoY) in the first seven months of the fiscal year (FY) 2023/2024, Minister of Finance Mohamed Maait told Asharq Business on the sidelines of the World Governments Summit in Dubai.

Egypt is targeting achieving a primary surplus of 2.5% of the gross domestic product (GDP) in fiscal year (FY) 2023/2024, which is expected to amount to around EGP 350 billion, Maait said.

Maait announced earlier that Egypt achieved an overall budget deficit of 5.8% of GDP during the first seven months of the current FY.

In FY 2022/2023, Egypt’s tax revenues grew by 21% YoY to EGP 1.2 trillion.


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