The Shura Council has Defined Five Income Tax Brackets

Minister of Finance Fayyad Abdel Moneim said the ministry embarked on working out the amendments to the stamp tax bill's executive regulation in light of the amendments approved by the Shura Council. The new statute will be issued within few days, entailing mechanisms of deducting stamp tax on the bourse dealings, the minister said. The new brackets of the income tax, endorsed Monday by the Shura Council, will be applied to salaries starting from June.

The Shura Council has defined five income tax brackets. The first fully tax–exempted bracket hit L.E. 5,000, the second ranges from L.E. 5.000 to 30.000, due to pay 10 per cent tax, the third bracket ranges between L.E. 30.000 to 45.000 will pay 15 per cent tax, and the fourth bracket ranges from 45.000 to 250.000 will pay 20 per cent tax, while the fifth and last bracket with income exceeding 250.000 will pay 25 per cent tax. Meanwhile, Abdel Moneim said the tax revenues from July 2012 through May 12, 2013 hit L.E. 161 billion. The tax revenues in the corresponding period last year hit L.E. 158 billion, he added. He expected the tax revenues of the current fiscal year to hit L.E. 200 billion.