New income tax law to be finalized this fiscal year -Maait

LEGISLATION WATCH- The new income tax law will see the light of day this fiscal year: The new income tax law will be finalized before the end of the current fiscal year in June 2020, Finance Minister Mohamed Maait said at the World Youth Forum earlier this week. The law will, if passed, would raise the personal income tax exemption threshold beyond EGP 8k per year, according to a local press report, make it harder for foreign companies to sidestep Egyptian taxes, and introduce new rules on the resolution of tax disputes.

MPs have been discussing tax changes of their own: Rep Mervat Alexan last week proposed raising the income tax brackets for all people earning up to EGP 30k a year, rather than just the exemption threshold.