Income tax breaks to cost the state EGP 4 bn this year -Maait

New income tax cuts that come into effect this month are expected to cost state coffers around EGP 4 bn a year, Finance Minister Mohamed Maait said yesterday, Al Masry Al Youm reports. The House of Representatives had signed off on new income tax breaks early last month as part of efforts to shore up social safety measures ahead of an expected spike in inflation, brought on by higher energy prices. The House had also approved increases to state bureaucrats’ to wages and pensions that will cost the state around EGP 60 bn in FY2018-19.