October 2, 2017 / 10:56 AM / a year ago

Egypt aims to raise tobacco tax revenues by $397.50 million in 2017-18

CAIRO (Reuters) - Egypt aims to raise its revenues from taxes imposed on tobacco by 7 billion Egyptian pounds ($397.50 million) in the 2017-18 fiscal year that began in July, a government document said.

The country is targeting around 54.545 billion Egyptian pounds ($3.10 billion) in revenues from tobacco taxes, according to a document released by the finance ministry on Monday.

Egypt has been increasing taxes and cutting subsidies to narrow its budget deficit as part of economic reforms tied to a $12 billion International Monetary Fund program aimed at boosting the economy.

Egypt imposed a valued-added tax on non-essential goods last year in the months leading to its signing of the three-year IMF deal in November.

($1 = 17.6100 Egyptian pounds)

Reporting by Ehab Farouk; Writing by Arwa Gaballa, editing by Ed Osmond

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