Egyptian Official Unveils Details of Al-Sisi’s Tax Exemption Increase
Said Fuad, an adviser to the head of the Egyptian Revenue Authority, has revealed details of President Abdel Fattah El-Sisi’s announcement to raise the tax exemption cap to £36,000 a year instead of £24,000.
Regarding this decision, which will reduce the burden caused by the global economic impact on employees and business owners in the aftermath of the Corona and global crises, Saeed Fouad explained during his phone call to The Last Word. program, saying: “This means that the worker has a net income of £3,000 which has become tax-exempt, and over £3,000 will only be subject to the new law of £20 million for all employees in the public and private sectors.
And added: “For all ordinary people engaged in commercial or professional activities, the exempt first tranche is increased from 15,000 to 21,000 pounds, and the second tranche is 2.5% tax, then it increases to 10%, 15%, 20% and 22.5% in line with the annual net profit.” Emphasizing that the tax exemption for an employee is calculated on monthly wages, and for business owners on income.
He indicated that this decision will apply to employees from April next year, and to owners of commercial, industrial and professional activities, it will apply from December 31, 2023, stressing that there will be no trend for new tax increases for different segments. or individuals, and that there is no intention of imposing a tax burden on everyone.
And he continued: “Taxes make up 90% of the state’s total budget and today’s directive from the President reduces from one billion to 10 billion pounds from the state’s total tax, and the decision to raise the tax exemption limit is considered a direct support of the citizens. “.
Source: “Sada El Balad”
You must log in to post a comment.