Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Egypt's parliament raises minimum income tax threshold

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/19/2017 | 10:21pm CEST

CAIRO (Reuters) - Egypt's parliament voted to raise the minimum income tax threshold to 7,200 Egyptian pounds (314.1 pounds) a year from 6,500 pounds and gave tax breaks to the first three brackets.

Self-employed people or those working in trade or industry making 7,200 pounds a year or less would not be taxed on income. Public and private sector employees making up to 14,200 pounds would be exempt, up from 13,500 previously.

Those in the income tax bracket making between 7,200 to 30,000 pounds a year who would normally pay a 10 percent income tax will get an 80 percent tax break, meaning they pay 20 percent of taxes they would normally pay.

The 30,000 to 45,000-pound bracket, which is taxed at 15 percent, will get a 40 percent tax break. The 45,000 to 200,000- pound bracket, taxed at 20 percent, will get a 5 percent tax break.

Egyptians making more than 200,000 pounds a year who get taxed at 22.5 percent will pay their full income tax.

The measures must be ratified by President Abdel Fattah al-Sisi, a formality, before they take effect. Around 15 million families will benefit from the measures, which the government hopes will alleviate some of the effects of recent austerity.

Egypt's economy has been struggling since a 2011 uprising drove foreign investors and tourists away, but the government hopes a $12 billion International Monetary Fund lending programme signed last year will put it on the road to recovery.

The central bank floated the currency last November, as part of economic reforms agreed with the IMF which also included fuel subsidy cuts. The pound's value has halved since then and inflation is at record highs.

The government approved a social security package worth 43 billion pounds for the 2017-18 fiscal year beginning in July, including a 15 percent rise for pensioners and a 14-20 percent rise in salaries, Finance Minister Amr El Garhy said last month.

(Reporting by Nashat Hamdy; Writing by Ahmed Aboulenein; Editing by Toby Chopra, Larry King)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
08:49aWHAT'S NEWS : Business & Finance -- WSJ
DJ
08:49aWHAT'S NEWS : World-Wide -- WSJ
DJ
08:13aCITY OF PALO ALTO CA : Household Hazardous Waste Drop Off Day (Events)
PU
05:33aPHILADELPHIA UNION : Steel FC Falls to Ottawa Fury FC 1-0
PU
04:23aAPEC ASIA PACIFIC ECONOMIC COOPERATION : Trade Ministers Issue Statement
PU
04:21aAudi CEO says diesel crisis not over and vows to stay on - report
RE
04:13aFDA FOOD AND DRUG ADMINISTRATION : Undeclared sulfites
PU
03:55aMANAGED SECURITY SERVICES MARKET TO GROW AT CAGR OF +14% DURING FORECAST PERIOD - REGULATIVE LANDSCAPE, NEWLY INVENTED STRATEGIES, STATISTICAL INVESTIGATION AND GLOBAL FORECAST 2018 TO 2023 : The demand for Managed Security Services (MSS) is expected to be driven by stringent government regulations and the increasing instances of cyber-attacks on enterprises. It also outlines the market shares for key regions such as the Americas, EMEA, and APAC. The leading vendors analyzed in this report are IBM, SecureWor
AQ
03:51aU.S. reaches deal to keep China's ZTE in business - congressional aide
RE
03:33aLANDUS COOPERATIVE : Sec. Naig Visits Jefferson, Talks NAFTA
PU
Latest news "Economy & Forex"
Advertisement