VAT Revenues from Oil Sector Rose 520%

VAT Revenues from Oil Sector Rose 520%

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.

Sarah Samir 2950 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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