14 March 2014

Egypt: Finance Minister - New Tax Will Be Calculated On Income and Not Wealth

A bill imposing taxes on wealth is "just a proposal" put forward by a number of businessmen, said Finance Minister Hani Qadri.

The proposal was submitted to the government of former prime minister Hazem el-Beblawy, Qadri added in statements following a Cabinet meeting on Thursday 13/03/2014.

The proposed tax, however, will be calculated according to the income and not wealth, Qadri went on to say, estimating it will stand at five percent.

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