Egypt aims to raise tobacco tax revenues by $402M in 2018/19 - News Summed Up

Egypt aims to raise tobacco tax revenues by $402M in 2018/19


Cigarettes - via pixabay/geraltCAIRO - 16 April 2018: Egypt aims to raise its revenues from taxes imposed on tobacco by LE 7.072 billion ($402 million) in the 2018-19 draft budget, a government document said.The country is targeting around LE 58.524 billion ($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 LE 51.452 billion ($2.93 billion) from the tobacco taxes this financial year, which ends in June.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 program aimed at boosting the economy. ($1 = LE 17.5700)


Source: Egypt Today April 16, 2018 10:18 UTC


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