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E-Finance collects EGP 11.5bn for Finance Ministry in January: Chairman - Daily News Egypt

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E-Finance collects EGP 11.5bn for Finance Ministry in January: Chairman

Electronically collected tax last year amounted to EGP 37bn

Chairman of E-finance Ibrahim Sarhan said his company collected EGP 1.9bn in taxes for the Ministry of Finance since the beginning of January, compared to EGP 446m during the same period last year.

Sarhan said during a press conference Tuesday that E-Finance collected tax cheques worth EGP 9.6bn in January compared to EGP 9.9bn during the same period last year, totalling EGP 11.5bn collected by the company so far this January.

Electronically collected taxes amounted to EGP 37bn in 2015, while taxes collected via cheques with the National Bank of Egypt increased to EGP 103bn. E-Finance also collected EGP 25m for the benefit of the Egyptian Customs Authority.

The capital of E-Finance is worth EGP 175m, of which 70% belongs to the National Investment Bank, 10% to the National Bank of Egypt, 10% to Banque Misr, and 10% to the Egyptian Banks Company. The company has 898 employees. It operates in cooperation with its partners, including the Central Bank of Egypt (CBE) and the Ministries of Planning, Finance, and Communications, Sarhan said.

It is working to automate payroll services for state employees, whereby it obtained data for 5.12 million employees and issued 4.5m cards, of which 2.833m are active. The company aims to reach 5.5 million employees.

Sarhan said the company also implemented the Karama and Takaful programme and registered 392,100 families to benefit 1.6 million citizens. Karama and Takaful is one of the most important economic programmes implemented by the government to support poor families and elders.

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