6 June 2014

Egypt: Five Percent Tax Income On +one-Million-Pound Earners

Outgoing President Adly Mansour issued a decree to impose a 5% temporary income tax on individuals with annual income exceeding EGP one million as well as on companies with profits exceeding the same amount.

"The law, to be enforced for three years only, will come into force as of the present tax year," said Presidential Spokesman Ehab Badawy.

The new tax is part of the government's measures to achieve tax reform and expand the base of the income tax, he added.

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