Speaking of taxes, parliament and the government appear to not see eye to eye on raising the minimum annual income to be taxed to EGP 23,000 from EGP 13,500 (surprise, surprise). Deputy Finance Minister Amr El Monayer denied the ministry was preparing a draft to amend the Income Law to factor in the increase, Al Masry Al Youm reports. We can assume then that this will not be part of the new Income Tax Law announcedby Finance Minister Amr El Garhy. As we noted earlier this month, parliament had agreed to raise the basic tax exemption from EGP 13,500 as part of an effort to ease the pain of the ongoing economic reforms. Meanwhile, The Federation of Egyptian Industries (FEI) has sent a report to El Garhy voicing its support of the move, FEI head Mohamed El Sewedy told Al Mal.

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