The Egyptian government plans to mobilize EGP58.52 billion ($3.3 billion) as tax revenues on tobacco, during the 2018-19 fiscal year which begins next July.

According to Reuters which revealed the information, this new targeted revenue represents an increase by EGP7 billion ($402 million) on a year-on-year basis.

Let’s note that Egypt which started the ongoing fiscal year (2017-18) with a target of EGP54.54 billion ($3 billion) should end up with EGP51.4 billion ($2.9 billion) by the end of the year, next June.

For the record, the country imposed a 14% VAT on tobacco and cigarette.

Espoir Olodo