Bill cutting personal income tax will soon head to the House

Long-awaited changes to the tax code are almost ready: The Tax Authority is close to finishing legal amendments to cut personal income tax, authority head Mokhtar Tawfik told reporters yesterday. The changes, first announced by Finance Minister Mohamed Maait over a year ago, would raise the personal income tax exemption threshold and introduce new EGX tax breaks including amending the tax treatment of investment funds. The bill will soon be sent to the House of Representatives for discussion, Tawfik said.

Remember: MPs are back at work on Saturday when the House of Representatives reconvenes from summer recess to begin the new legislative session.