Top tax paying companies brought the government EGP 7.1bn in revenues, an EGP 1.5bn increase compared to the same period last year, the Ministry of Finance reported in an official statement Thursday.
The ministerial statement noted that the Tax Authority’s Large Taxpayer Centre listed Telecom Egypt, Ezz Steel, Cemex Egypt, ExxonMobile Egypt, Alexandria Construction Company, and Misr Fertilizers Production Company (MOPCO) among the highest tax paying companies
Banks had a strong presence on the list, which included Commercial International Bank (CIB), Qatar National Bank, Banque Du Caire, Crédit Agricole, HSBC, Bank of Alexandra Intesa Sanpaolo, Arab African International Bank, Barclays and Faisal Islamic Bank.
In February, the Ministry of Interior’s General Directorate of Tax Investigation reported 378 cases of commercial and business-related tax evasion. The value of transactions in the cases exceeds EGP 2.6bn.
Between July and February, the Tax Authority collected EGP 125bn – an EGP 5bn increase compared to the same period in the 2012/2013 fiscal year.
The ministry noted the largest portion of tax revenue throughout the year is usually generated in March and April, which is when tax returns are submitted by individuals and companies.