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The amendments come under Income Tax Law 26/2020, that aims to improve tax brackets, whilst addressing and rectifying the distortions of previous system that were based on tax deduction. The amendments to Egypt’s Income Tax Law aim to help reduce the burdens on citizens.
The new measures allow payment of 2019 income taxes in instalments until 30 June without any charges for delays in payment. Moeit said the instalments will be divided into 20% of the tax due in April, 30% in May, and 50% before the end of June.
King Abdullah II summons PM in response to protesters’ demands of toppling government
Last legislative term, budget committee sent three proposals to Ministry of Finance on lifting income tax exemption limit
Some sectors have not achieved targeted tax, therefore ministry targetting tax structures to increase tax revenues
The ministry targets to increase tax revenues to 15% of GDP
Egypt is suffering from a lack of tax discipline, increasing rates creates instability, says Omar
No studies to decrease the tax in the Suez Canal Zone were presented to the government
EGP 18bn increase in revenue compared to 2014/2015 FY attributed to reforms implement in the tax code
Dimian requested increasing 10% tax rate in the Suez Canal Zone to 22.5%
39 companies recorded EGP 570m in total losses in H1 of 2015
Presidential decree stipulates imposing 10% tax on companies and individual revenues
Economic expert and advisor to the Minister of Planning Abdel Fattah El-Gebaly said the move will increase the net income of employees, noting that it curbs inflation on the long-term
Amendments entail imposing tax on dividends achieved by an individual whose transactions do not exceed EGP 5bn during tax period
The minister unifies income tax for 10 years days before economic summit
Finance minister said amendment helps managing public debt as it improves flow of tax revenues to the CBE
CBE’s temporary ‘financial’ account is strategic reserve and will not be used to solve budget deficit
President also issues tax on capital gains on stock market
Tax Authority announced that it has collected EGP 80.3bn, while the tax revenue in the CBE is EGP 49.81bn.
Top tier tax bracket expands to include those earning above EGP 250,000
Former Chairman of Tax Authority calls increases ‘an outcome of economic crisis not economic activity’
IMF loan negotiations with Egypt are to resume early March after talks were postponed due to the country’s political turmoil and economic slump, Morsi’s recent austerity measures aim to make Egypt eligible for the loan