Egypt: Income Tax Amendments Confirmed

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Egypt: Income Tax Amendments Confirmed

Dostor, 2 May 2022: The Egyptian Finance Minister, Mohamed Maeit, has confirmed that amendments introduced in the Income Tax Law, which have been approved by the Council of Ministers and referred to the Parliament, aim at reducing the burden on nationals and stimulating investment.

The amendments include increasing the personal tax exemption limit from 9,000 to 15,000 Egyptian Pounds which would makes the annual total tax exemption limit 30,000 Egyptian Pounds. They also include an incentive for individuals to request electronic invoices and receipts, and an incentive for those who report tax evasion.

He also added that the amendments include some reforms which have been designed to invigorate the Egyptian Bursa such as simplified accounting benefits for investing individuals and establishments.

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Benjamin Filaferro