Egypt Uses Tax Tools for Revenue Advance

Egypt has announced for the first time the issuance of tax-backed bonds financed by taxpayers, which will be deducted from their future tax obligations. The aim is to improve cash flows and open up new financing tools to fund the public budget. These bonds are used to finance prepaid taxes, with the expectation that major contributors, especially in sectors such as real estate, will be encouraged to participate. It is worth noting that Egypt relies on tax revenues, which account for over 85% of the budget resources. This model raises questions about its ability to generate immediate revenue without increasing future financial burdens, particularly given the rising cost of financing and liquidity pressures. The move comes amid Egypt's external debt reaching $164.8 billion, with observations on how this approach might impact the country’s credit rating.

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