21 September 2018 06:50 AM

Sisi approves amendments to income tax law

Sunday، 24 June 2018 - 12:07 PM

President Abdel Fattah El Sisi approved on Saturday 23/6/2018 Law No. 97 of 2018 amending Income Tax Law No. 91 of 2005.

Under the amended law the first bracket, those with an annual income of EGP 8,000 or less, will be exempted from paying taxes.

The amendment imposes a 10 percent tax on the second bracket with annual income from EGP 8,000 to EGP 30,000.

The amendment imposes a 15 percent tax on the third bracket with annual income from EGP 30,000 to EGP 45,000, while a 20 percent tax will be imposed on the fourth bracket with annual income from EGP 45,000 to EGP 200,000.

A 22.5 percent tax is imposed on the fifth bracket, that includes people who earn more than EGP 200,000.

The decree was published in the state's official gazette.

MENA

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