Egypt: Parliament’s Plan Committee nods to raising income tax exemption limit

Getty Images

The amendments come as per the directives of President Abdel Fattah El-Sisi

Staff Writer, Arab Finance

May 28, 2023

PHOTO

The House of Representatives' Plan and Budget Committee has approved amendments to the income tax law, under which the income tax exemption limit would be raised to EGP 36,000 from EGP 24,000, Ahram Gate reported.

Under the amendments, a new income tax bracket of 27.5% will be imposed on annual income exceeding EGP 1 million.

The amendments come as per the directives of President Abdel Fattah El-Sisi.

Raising the income tax exemption aims at saving state costs of nearly EGP 10 million.

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.