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Egypt Agrees Five Percent Hike In Top Tax Rate

by Ulrika Lomas, Tax-News.com, Brussels

13 May 2014


Egypt's interim Government has approved draft legislation which increases by five percent the top rate of income tax imposed on the nation's top earners with annual income in excess of EGP1m (USD140,000).

The top tax rate is currently set at 25 percent for those earning above EGP250,000 annually. The new legislation will raise the rate to 30 percent for higher earners for a period of three years, and will generate additional annual tax revenues estimated at between EGP2bn and EGP3bn.

The temporary top tax rise is designed to support efforts to redress the public finances. The Government is seeking to reduce the budget deficit from 14 percent of gross domestic product (GDP) recorded in June last year, to around 10 percent of GDP by June 2014. Last month, the Government announced plans to widen the income tax base, to clamp down on tax evasion, and to introduce value-added tax legislation to boost the territory's tax take and improve tax equity.

The Egyptian President is due to approve the bill shortly.

TAGS: compliance | tax | value added tax (VAT) | tax compliance | tax avoidance | gross domestic product (GDP) | budget | legislation | tax rates | Egypt | individual income tax | Tax | Tax Evasion

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