Egypt’s tax revenue from the yield on treasury bills and bonds rose by 19.08% year-on-year during the first eight months of fiscal year 2018/2019, the Ministry of Finance (MOF) revealed.
Tax revenue from sovereign debt yields reached EGP 32.78 billion in the July-February period of FY18/19, versus EGP 27.53 billion in the same period a year earlier, the MoF highlighted in its monthly bulletin.
In November, the MoF announced partnering up with the Federation of Egyptian Banks to implement the proposed tax amendments once it is approved by the parliament.
The Cabinet’s had previously decided to amend taxes on the proceeds of T-bills and T-bonds, which sparked controversy in the banking sector, making lenders fear additional taxes to be imposed. The impact of these amendments had been shown in the latest T-bills bid.