Value-added-tax (VAT) revenue from the oil sector grew at a faster pace than from other economic sectors during fiscal year (FY) 2016/2017, the Deputy Finance Minister for Taxation Policies, Amr El Munir, stated during a press conference, according to Al Ahram.
In FY 2016/2017, VAT revenues from the sector rose 520% from the previous year, according to El Munir.
The VAT revenue growth from the oil sector far outstripped other sectors. VAT revenues from the telecommunication sector grew by 135%. The cement and tobacco sectors also demonstrated VAT revenue growth, increasing by 65% and 23% respectively.
The statistics were announced in a press conference on October 15th, according to Al Mal News.