9 November 2012

Egypt: Finance Minister - Amendments to Tax Law Will Not Affect Limited-Income Brackets

Finance Minister Momtaz al-Saeed said the amendments proposed to the profits tax law will not affect the limited-income brackets. He added that citizens with income less than EGP 5000 per month would not pay tax.

Saeed noted that the Cabinet decided to Levy 10 percent taxes on only companies profits excluding individuals in the Stock Exchange.

For his part, Chairman of the Egyptian Stock Exchange Mohamed Omran said the taxes will be levied only on the main shareholders who sell part of their shares for the first time.

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