Back to the complete issue
Thursday, 5 July 2018

Income tax breaks to cost the state EGP 4 bn this year -Maait

New income tax cuts that come into effect this month are expected to cost state coffers around EGP 4 bn a year, Finance Minister Mohamed Maait said yesterday, Al Masry Al Youm reports. The House of Representatives had signed off on new income tax breaks early last month as part of efforts to shore up social safety measures ahead of an expected spike in inflation, brought on by higher energy prices. The House had also approved increases to state bureaucrats’ to wages and pensions that will cost the state around EGP 60 bn in FY2018-19.

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. © 2018 Enterprise Ventures LLC.