A recent report by the Egyptian Ministry of Finance on the performance of the general budget has revealed that total public revenues rose by 33.2% during the first eight months of the current fiscal year 2008/2009 to a record EGP161.5bn (USD28.7bn), 15.5% of GDP.
The report showed that income tax collected from individuals rose by 27.6% to reach EGP39.8bn, an increase of EGP8.7bn on last year, the highest growth rate recorded to-date. Increased income tax receipts helped offset a slight decline in tax revenues on corporate profits, which fell 0.4% to EGP31bn. Proceeds from customs duties rose by 0.2%.
The overall budget deficit was 4.3% during the first eight months of the current fiscal year.
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