Lawmakers approved on Monday the changing of Egypt's tax law so that more taxpayers are included in the top band of tax, a rate of 25 percent. After the changes, those with incomes of LE250,000 will be required to pay the 25 percent rate; previously, the rate was only for those earning more than LE10 million. The amendments to Egypt's income tax law, approved in Monday's session in the Shura Council, kept the lowest bracket of those earning under LE5,000 per year exempted from taxes, and raised other tax brackets. The second bracket, which will include those earning between LE5,000 and LE30,000, will pay 10 percent; the third bracket, from LE30,000 to LE45,000, will pay 15 percent; the fourth bracket, earners who make between LE45,000 and LE250,000, will pay 20 percent. Officials forecast that total income and sales tax revenues will reach some LE222 billion in the current fiscal year, which ends on 30 June 2013, according to the modified 2012/13 state budget published on the ministry's official website in April. http://english.ahram.org.eg/News/71378.aspx
