Egypt Replaces Head of Tax Authority

Egypt's finance minister has replaced the head of the country's tax authority Ahmed Refaat with Mamdouh Omar, a veteran tax inspector, the state-run MENA news agency reported. Omar will hold the position for one year. His appointment follows Refaat's filing for sick leave last week. The head of Tax Areas department, Monira El-Kady -- the wife of the former chief of staff of the Egyptian Army, Sami Anan -- was also replaced after she filed for a long vacation. The reason for her replacement was not disclosed. Taxes make up 68 per cent total projected state income in Egypt's 2012/13 state budget at LE266.9 million. Tax revenues are expected to grown an annual 15 per cent on last year's figures. Egypt currently applies a flat corporate rate of 20 per cent for annual incomes of between LE40,000 and LE10 million. Annual incomes above LE10 million are now taxed at 25 per cent.