Advertisement
|16 April, 2018

Egypt aims to raise tobacco tax revenues by $402mln in 2018-19 budget

The country is targeting around $3.33 billion in revenues from tobacco taxes

A vendor sells cigarettes at Tahrir Square in Cairo May 25, 2012.

A vendor sells cigarettes at Tahrir Square in Cairo May 25, 2012.

REUTERS/Suhaib Salem

CAIRO: Egypt aims to raise its revenues from taxes imposed on tobacco by 7.072 billion Egyptian pounds ($402 million) in the 2018-19 draft budget, a government document said.

The country is targeting around 58.524 billion Egyptian pounds ($3.33 billion) in revenues from tobacco taxes, according to a document released by the Finance Ministry to the parliament on Sunday.

The government is expecting revenues of 51.452 billion Egyptian pounds ($2.93 billion) from the tobacco taxes this financial year, which ends in June.

Advertisement

Egypt has been increasing taxes and cutting subsidies to narrow its budget deficit as part of economic reforms tied to a $12 billion International Monetary Fund progamme aimed at boosting the economy. ($1 = 17.5700 Egyptian pounds)

(Reporting by Ehab Farouk; Writing by Nadine Awadalla Editing by Alison Williams) ((Nadine.Awadalla@thomsonreuters.com;))