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Tuesday, 9 May 2017

Finance Ministry sends Income Tax Law amendments to House Economics Committee

The Finance Ministry has finished drafting amendments to the Income Tax Law and sent them to the House of Representatives’ Economics Committee for discussion before preparing a final draft for the Ismail cabinet, Al Shorouk reports. The ministry had announced in March its plans to create what it called a “more progressive” tax code that would better serve the interests of achieving social justice. The changes include more generous tax rebates and refunds for citizens in the lower-income brackets of EGP 30-45k a year, according to the newspaper. The Finance Ministry is still on the fence about offering rebates to those whose taxes cross the EGP 200k mark and plans to discuss the matter with MPs. Also undecided is whether to push the minimum taxable income to EGP 7,000-7,200 from a current EGP 6,500.

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