Egypt introduces simplified lump-sum tax for properties

Getty Images

The Egyptian government has approved a new law

Staff Writer, Arab Finance

November 7, 2023

PHOTO

The Egyptian government has approved a new law, under which a simplified lump-sum tax is applied to any property or company with annual turnover of not over EGP 10 million, Minister of Finance Mohamed Maait revealed on November 6th.

Moreover, a new draft law on income taxes will be presented for approval by the cabinet over the coming period, to be referred to the House of Representatives later, the minister said.

Maait also stressed that the government is keen to facilitate the customs release measures for both investors and citizens to ease trade movement.

As for the digital systems, he noted that they helped expand the tax base and increase revenues without causing any additional burdens for investors, which contributed to the informal economy.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.