Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Ministry of Finance begins implementation of income tax amendments
Published in Daily News Egypt on 22 - 10 - 2013

The Ministry of Finance will put into effect the amendments to the income tax law, including increasing the limit for personal exemption from EGP 4,000 to 7,000 annually, state-run news agency MENA reported on Tuesday.
According to the report, all families of the 6.2 million public sector employees will benefit, not to mention the millions of families in the private sector.
President of the Egyptian Tax Authority Mamdouh Amr said that these tax exemptions would lead to an annual loss in revenue from income taxes of EGP 4bn for the treasury.
The government relinquished these funds for the benefit of citizens, and it is expected that the largest part of this amount will go towards local consumption and increase demand. Thus, this will contribute to the recovery of different markets, lead to an increase in economic growth and create employment opportunities.
In his statement today, Amr added that the increase of the personal exemption limit is in conformity with the government policy that aims to stimulate the national economy and overcome the current crisis, and at the same time, adopts financial policies that protect social justice, which is clear through the redistribution of the tax burden. It reduces the burden for low-income individuals by widening the lowest tax brackets of the income tax structure while increasing the burden on high-income individuals.
He pointed out that the first EGP 12,000 earned by all workers within the bureaucracy is not subject to income taxes. Workers with a salary of up to EGP 5,000 would benefit from the first income bracket exemption. The second bracket, from EGP 5,000 to 30,000, is subject to a 10% income tax rate. The third bracket, from EGP 30,000 to 45,000 is subject to a 15% tax. The fourth bracket, EGP 45,000 to 250,000 is subject to a 20% tax. The fifth bracket, more than EGP 250,000 is subject to a 25% tax.
Minister of Finance Ahmed Galal stated that the government is determined to achieve social justice. He emphasised that the alleviation of the tax burden for individuals with the lowest income, the implementation of a higher minimum wage of EGP 1,200 by next January, improvement of education and health services and pumping of investments to provide employment opportunities all confirm the government's commitment to the programme that it set initially.
He indicated that the government's commitment to care for the poor would continue despite its simultaneous commitment to reduce the budget deficit to 10% of GDP.
Translated from AlBorsa Newspaper


Clic here to read the story from its source.