FEI pushing for taxation on profit instead of revenue in Universal Healthcare Act

Business lobby proposes 1% surtax on net profit to fund healthcare system: The Federation of Egyptian Industries Tax and Customs Committee has proposed to the Finance Ministry an amendment to the Universal Healthcare Act that would see companies taxed 1% of profit rather than revenue, Youm7 reported. A government official told Enterprise last week that the ministry is considering levying a 0.25% tax on net profits, not revenues. The state’s EGP 600 bn health insurance plan mandated under the Universal Healthcare Act will be rolled out incrementally throughout Egypt over the course of 11-13 years, but the Finance Ministry is expected to start levying a designated tax to fund the scheme during the current fiscal year.