Back to the complete issue
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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.