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Wednesday, 14 June 2017

House Planning Committee approves raising minimum income tax threshold

Income tax changes wending their way through the House: The House Planning and Budgeting Committee approved yesterday raising the maximum sum a private citizen can earn without paying income tax to EGP 7,200 per year from EGP 6,500, Ahram Gate reports. The committee signed off on new tax brackets including:

  • EGP 7,200 and EGP 30,000 per year: Taxed at 10%
  • EGP 30,001 and EGP 45,000 per year: Taxed at 15%
  • EGP 45,001 and EGP 200k: Taxed at 20%,
  • Above EGP 200,001 per year: Taxed at 22.5%.

What’s next? Cabinet approved the restructuring last month. The changes still require approval from a floor vote in the House and will then have to be signed-off by President Abdel Fattah El Sisi and published in the Official Gazette before coming into effect.

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