State authorities’ tax arrears worth 35 billion pounds – state agency

Egypt’s petroleum authority’s, Suez Canal’s and central bank’s tax arrears reached 35 billion Egyptian pounds, the tax authority’s head told the state news agency MENA on Wednesday.

The aforementioned tax arrears prevented the tax authority from achieving expected revenues in the fiscal year 2014/2015, said Abdel Moneim Matar, the authority’s head.

Matar said that the petroleum authority’s arrears was the largest in size, reported MENA.

The tax authority is expected to achieve revenues worth 422 billion Egyptian pounds in the fiscal year 2015/2016, as per the new state budget.

Matar said that other state activities’ tax arrears stood at 70 billion pounds, adding that they are being collected.