Egypt Projects Sharp Increase in Tax Revenue Amid Austerity Measures

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Egypt Projects Sharp Increase in Tax Revenue Amid Austerity Measures

Egypt is poised for a significant increase in tax revenues for the 2024-25 fiscal year, starting July, driven by austerity measures mandated by the International Monetary Fund (IMF) and other international creditors in exchange for over USD 50 billion (EGP 2.3 trillion) in financial assistance. The draft budget for the 2024-25 fiscal year outlines a projected 32 percent rise in tax revenues, reaching EGP 2 trillion (USD 42 billion). This follows…