The House of Representatives approved new amendments to the Income Tax Law no.91/2005 on Monday, with the goal of increasing the annual income tax exemption from LE 24,000 to LE 36,000. The amendments are part of efforts to promote social justice by increasing the threshold for annual income tax exemption to LE 36,000. It also aims to introduce a higher income tax rate for individuals with substantial incomes. The income tax imposed on individuals earning more than LE 1.2 million annually is expected to generate around LE 4 billion, said Mohamed Maait, Finance Minister, in a separate statement. The minister mentioned that the bill also introduces a simplified tax system for small and micro-scale enterprises whose annual transactions do not exceed LE 10 million.

Source: Egypt Today May 30, 2023 11:24 UTC