Taxation in Egypt

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A draft law is being considered by the Egyptian Parliament to introduce a progressive tax of 30% on annual incomes exceeding LE 1 million, Egypt Independent reports.

The Media, Culture and Monuments Committee of the Egyptian parliament approved the imposition of taxes on foreign social media sites, including Facebook and Google, for advertisements they generate from the Egyptian market.

Egypt’s Parliament finally approved on Sunday amendments to some provisions of the Income Tax Law no. 95 of 2005.

Ministry of Finance said Sunday that the Tax Dispute Law succeeded to add LE 15.6 billion ($ 881.47 million) to the Egyptian treasury through 19 committees for ending tax disputes whether in income taxes or sales taxes.

Egypt’s parliament has voted to raise the minimum income tax threshold to 7,200 Egyptian pounds($400) a year from 6,500 pounds and gave tax breaks to the first three brackets.

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