Tax revenues for the first quarter of FY2017-18 increased to EGP 88.6 bn from EGP 57 bnin the same period the year before, Vice Minister of Finance Amr El Monayer announced on Sunday, Al Ahram reports. The proceeds exceeded the ministry’s target by 1%, notes Al Masry Al Youm. Income tax revenues rose by 36% y-o-y to EGP 21.76 bn, while taxes from state institutions such as the CBE, Suez Canal, and EGPC recorded EGP 16 bn, compared to EG 13 bn last year. Real estate taxes rose to EGP 804 mn during the quarter, up from EGP 469 mn (Note to readers: Al Ahram incorrectly puts the figure in bns). The value-added tax reeled in EGP 50.7 bn, up from EGP 28.3 bn in the same period last year, and 3% higher than expected, according to El Monayer.

While some legislative amendments to the tax code will still be necessary, there will beno changes on the income tax front that would impact lower-income citizens, El Monayer said. The introduction of fiscal and legislative reforms, such as the VAT, last year helped the government increase tax proceeds by 31.8% to EGP 464.4 bn in FY2016-17. Proceeds from sales tax and VAT were up by 53% y-o-y to EGP 183 bn in the last fiscal year, El Monayer said, with the petroleum sector largely driving collections. The official attributed the growth of 520% y-o-y in petroleum taxes last year to the resolution of outstanding disputes between the industry and the Tax Authority. Also up in FY2016-17 were income tax proceeds, which increased by 20% y-o-y to EGP 226 bn and real estate taxes.