Mohamed Maait, Egypt’s Minister of Finance, has made it unequivocally clear that there will be no adjustments to income tax rates or brackets. In an official statement issued by the Ministry of Finance, Maait clarified that tax revenue is projected to surge by over 30% during the fiscal years 2023/2024 and 2024/2025. The Minister of Finance has urged both local and international media outlets to verify their information through reliable sources. He reiterated this stance during multiple meetings with the business community, emphasizing that there will be no changes to tax rates or brackets affecting commercial and industrial profits. Furthermore, Maait highlighted the government’s focus on expanding the tax base by integrating the informal economy through the widespread adoption of electronic tax systems.

Source: Daily News Egypt May 30, 2024 19:17 UTC