LTC aims to increase tax revenues to EGP 55bn by end of FY 2015/2016

Abdel Razek Al-Shuwekhi
1 Min Read
(DNE File Photo)

The Large Taxpayer Center (LTC), affiliated to the Ministry of Finance, aims to increase its tax revenues from non-sovereign entities to EGP 55bn by the end of fiscal year (FY) 2015/2016.

The LTC’s goal compares to the EGP 49bn in tax revenues earned in FY 2014/2015.

LTC Head Osama Tawakol told Daily News Egypt, on the sidelines of the Euromoney conference, that tax arrears are estimated at EGP 36bn, including EGP 32bn under dispute. These disputes are related to economic bodies, media institutions as well as other entities.

The disputed tax arrears concerning media institutions are estimated at a total of EGP 11bn, while the settled tax arrears reached EGP 4bn.

Tawakol added that there is no problem in collecting taxes from the banking sector, whether from the Central Bank of Egypt (CBE), or other banks operating in the market.

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