Egypt’s Parliament Ratifies Increase in Tax Exemptions of Annual Income Tax

The Egyptian parliament approved new amendments to the Income Tax Law no.91/2005 to raise annual income tax exemption to EGP 36,000 from EGP 24,000.The bill also stipulates that individuals whose annual income exceeds EGP 1.2 million are to pay a higher income tax rate of 27.5 percent instead of the previous rate of 25 percent.“This […]