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Sunday, 9 October 2016

Government considers amendments to income tax laws

IS THE GOV’T REVISITING THE INCOME TAX? The government is considering making “a number of amendments” to the Income Tax Act, a senior government official tells Al Masry Al Youm. The unnamed official did not specify what these changes would be, but said the changes could include the 10% capital gains tax. The Finance Ministry is still studying whether the tax was suspended for two years on merit or market factor at the time, according to statements by Deputy Finance Minister Amr El Monayer last month. He noted that the study won’t be concluded until 1Q17. The mystery official also reassured the government will not move to tax bank deposits. This comes as the Egyptian Businessmen’s Association (EBA) is lobbying the government to reduce corporate income taxes to 15% from a current 22.5%, said EBA board member Taha Khaled at a gathering which hosted Planning Minister Ashraf El Araby, Al Borsa reports. The move would be essential to drawing new investments to the country.

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