Egypt’s tax revenues has increased in the first quarter of FY2017-18, Al-Ahram newspaper reports.

“Tax revenues has reached EGP 88.6 bn in Q1 of FY2017-18 compared to EGP 57 bn of the same period last year,” the newspaper quotes Vice Minister of Finance Amr El-Monayer says.

The tax revenues rise mainly attributes to an increase in revenues from the value added tax (VAT) to EGP 50.7 bn in Q1 of FY2017-18 from EGP 28.3 bn of the same period last year.

Egypt raised the VAT to 14% in the current fiscal year from 13% last fiscal year. Real estate tax revenues have also increased to EGP 804 mn in Q1 of the current fiscal year from EGP 469 mn last year.