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Thursday, 12 January 2017

Finance Ministry turns working on new income tax law

A new income tax act is in the works: Finance Minister Amr El Garhy announced yesterday that his ministry is working on a new income tax law, explaining that any amendments designed to bring the tax code up to international standards need to come in the form of a new tax code as the existing legislation has been amended extensively and it would be better to start from scratch, according to Al Masry Al Youm. El Garhy did not outline the nature of the changes, nor did he hint at tax increases. The minister has in recent months made clear his preference that taxes not be raised, although a faction in the House of Representatives has been agitating for a shift to a progressive income tax system with higher rates. El Garhy noted that his ministry aims to boost tax revenues to 16% of GDP within the next four years without resorting to changes in existing tax policies, AMAY noted separately.

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