The House of Representatives has raised the basic tax exemption to EGP 24,000 from a previous EGP 13,500, meaning anyone earning under EGP 24,000 annually pays no income tax. The move is being positioned as part of an effort to ease the pain of the ongoing economic reforms, according to Al Borsa. An unnamed source from the Finance Ministry said that the ministry was not notified of the House’s decision to amend the law, Al Mal claims. As we noted last week, Finance Minister Amr El Garhy had announced that the ministry is working on a new income tax law to bring the code up to international standards, but had not provided any information on the nature of the changes.

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