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Wednesday, 21 February 2018

What we’re tracking on 21 February 2018

Amr El Garhy is projecting revenues in FY2018-19 will reach EGP 1 tn, a first in the country’s history, Finance Ministry sources told Al Mal on Tuesday. The statements come as the ministry has begun drafting the budget for the next fiscal year with the hope of introducing it to the House of Representatives next month, the newspaper said. Revenues for the current fiscal year were projected to reach EGP 838 bn. The ministry is also hoping to cap expenditures in the FY2018-19 budget to EGP 1.6 tn, up from EGP 1.3 tn in the current budget. Look for a budget deficit of c. 8.5% of GDP, down from a projected 9.5% in FY2017-18.

The ministry also wants you to know that you will be able to file your tax returns electronically as of next week, once the Tax Authority’s database and registration services come online. The ministry announced in a statement yesterday that the move to a digital tax platform is expected to improve Egypt’s global ranking in World Bank’s Doing Business report.

Azerbaijani Economy Minister Shahin Mustafayev is expected to arrive in Egypt today for talks on economic, technical, and scientific cooperation between the two countries.

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