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.

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