Aim to Raise Tobacco Tax by US$402m

EGYPT

Egypt is aiming to raise its revenues from tobacco taxes by EGP7.072 billion (US$402 million) in the 2018-19 draft budget, targeting around EGP58.524 billion (US$3.33 billion.)

This financial year, which ends in June, the government is expecting tobacco tax revenues of EGP51.452 billion (US$2.93 billion.) Egypt has been increasing taxes and cutting subsidies to narrow its budget deficit as part of economic reforms tied to a US$12 billion International Monetary Fund program aimed at boosting the economy.