Finance Ministry: State budget revenues reach EGP 294bn in 2 months

The total revenues of the 2024-2025 state budget has increased by 87 billion pounds during July and August, reaching 294 billion pounds. This is a 42% rise on the same period of the fiscal year 2023-2024, during which revenues totaled 206.8 billion pounds, according to a Finance Ministry report issued Monday. Tax revenues have jumped by a whopping 50.7%, reaching 260 billion pounds compared with 172.4 billion during the same period last fiscal year, the report said. Returns from income taxes went up by 26.7%, registering 64.1 billion pounds in two months, it noted. Value-added tax (VAT) revenues rose by 47.4% to 111 billion pounds, while property tax revenues increased by 83.4% to 64.4 billion pounds, read the report. Non-tax revenues registered 34 billion pounds during July and August, the report added. Source: State Information Service Egypt