Egypt - President Abdel Fattah El Sisi has directed the government to raise the income tax exemption limit to EGP 36,000 from EGP 24,000, the Egyptian presidency stated on March 19th.

El-Sisi’s directives came during a meeting in the presence of Prime Minister Mostafa Madbouly and Minister of Finance Mohamed Maait to discuss the draft budget of the upcoming fiscal year (FY) 2023/2024.

Maait briefed El-Sisi on the most prominent final indicators of the draft budget, which target a gross domestic product (GDP) growth rate of 5%, and a primary surplus of 2.5% of GDP, with a total deficit rate of about 6.37%.

As per the draft budget, Egypt also targets an increase of 31% in revenues to hit EGP 2 trillion, in addition to a growth rate of 30.5% in expenditures to reach nearly EGP 2.838 trillion.

Moreover, the draft budget includes a 15% hike in wages to EGP 470 billion, and a 24% increase in subsidies, grants, and social benefits to reach EGP 496 billion, with around EGP 512 billion as investment allocations.

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