No Tax Hikes, Including on Income, Commercial & Industrial Profits: Finance MinisterSource: www.export-egypt.com 5/28/2024, Location: Africa |
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Egypt’s Minister of Finance Mohamed Maait said on that there will be no increase in income tax rates or brackets, including the commercial and industrial profits tax.
In reply to circulating reports on possible tax hikes, Maait stressed the government’s keenness to maintain the stability of tax policies to stimulate investment. “We announced in more than one conference with the business community that there is no change in tax rates or brackets, including the commercial and industrial profits tax,” Maait was quoted as saying in a statement released by the finance ministry. The minister warned that the government would take legal measures against those “who spread and promote lies to create confusion and harm the country’s interests.” He urged local and international media outlets to obtain information from official sources, according to the statement. The finance minister explained that the ministry's efforts to expand the tax base by integrating the informal economy through the increasing use of electronic tax systems have already increased tax revenues without imposing additional burdens on individuals or the business community. The finance ministry expects tax revenues to grow in the fiscal years 2023/2024 and 2024/2025 at a rate greater than 30 percent as a result of mechanization, expanding the tax base, combating tax evasion, integrating the informal economy, and collecting taxes on e-commerce, he explained. Last year, the Egyptian parliament passed a series of tax reform measures, which included the introduction of a new entertainment tax, increases in government fees, and a rise in the threshold for taxable personal income. It also increased tax on individuals with an annual income exceeding EGP 1.2 million to 27.5 percent from 25 percent. The amendments also included increasing the personal income tax exemption from EGP 24,000 per year to EGP 36,000. The taxes on industrial and commercial profits remained unchanged at 22.5 percent. |
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