A recent report by the Egyptian governmentindicated a substantial increase in state revenues in the first half of the 2008-2009 fiscal year.
According to the report, Cairo's revenues came to 128 billion Egyptian pounds (some $25 billion) – a 98.5% rise form the previous fiscal year.
Egypt's tax revenue came to $14 billion – a 62% rise, while its non-tax revenue added a staggering 180%, coming to $11 billion.
The report also indicated a 46.5% rise in purchase tax ($5.7 billion), a 22% increase in custom taxes ($1.35 billion) and a 121% spike in the taxation of public companies ($5.5 billion).
The Egyptian tourism industry had a share in the revenue as well, bringing in $3.28 billion – a 15% rise from last year.
Tourism, along with the revenues generated by the Suez Canal, money transfers by Egyptian workers stationed abroad and Gas and oil exports, make up Egypt's foreign currency revenue.
Dr. Gil Feiler is founder and managing director of Info-Prod Research (Middle East) Ltd , and Doron Peskin is head of research