Profitable. Tourism site in Egypt (archives)
Photo: Einav Barazani
Egypt reports sharp increase in state revenues
Recent government report says state proceeds spike 98.5% in first half of 2008-2009 fiscal year, cites taxes, tourism as cause for boost
A recent report by the Egyptian government indicated 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.
Regional Economics
Gil Feiler, Doron Peskin
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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
