Egyptian Minister of Finance Samir Radwan said the minimum monthly wage in Egypt will be increase to 700 EGP (U.S. $119) and will increase to 1,200 EGP (U.S. $203) within the next five years. He said the increased minimum wage will be implemented within the next fiscal year. Radwan said the ministry will impose a 10 percent increase on the cigarette tax, which will provide 1.2 billion EGP (U.S. $200 million) per year. He also announced a progressive taxation, adding a new slide of 25 percent for those earning more than 10 million EGP (U.S. $1.7 million) per year whether it is an individual or a company. The progressive tax will provide one billion EGP increase to the state budget. A capital gains tax imposed is estimated to increase at 10 percent. These taxes and decisions were reported during a conference assembled by the Minister of Finance to present the state budget.
