- As per the draft budget, Egypt also targets an increase of 31% in revenues
According to Zawya article published on March 20, 2023, President Abdel Fattah El Sisi has directed the government to raise the income tax exemption limit to EGP 36,000 from EGP 24,000, the Egyptian presidency stated on March 19th.
El-Sisi’s directives came during a meeting in the presence of Prime Minister Mostafa Madbouly and Minister of Finance Mohamed Maait to discuss the draft budget of the upcoming fiscal year (FY) 2023/2024.
Maait briefed El-Sisi on the most prominent final indicators of the draft budget, which target a gross domestic product (GDP) growth rate of 5%, and a primary surplus of 2.5% of GDP, with a total deficit rate of about 6.37%.
As per the draft budget, Egypt also targets an increase of 31% in revenues to hit EGP 2 trillion, in addition to a growth rate of 30.5% in expenditures to reach nearly EGP 2.838 trillion.
Moreover, the draft budget includes a 15% hike in wages to EGP 470 billion, and a 24% increase in subsidies, grants, and social benefits to reach EGP 496 billion, with around EGP 512 billion as investment allocations.
