Wealth tax is unlikely to make a comeback, says Kouchouk

EXCLUSIVE- Wealth tax is unlikely to make a comeback, says Kouchouk: A proposal coming from the House of Representatives’ Budget committee to bring back a wealth tax is unlikely to pass, Vice Minister of Finance Ahmed Kouchouk told us last week. The proposal would see salaries of more than EGP 500k per year taxed at a 25% rate against today’s 22.5%. The plan would also cut taxes on lower income earners at the same time. The ministry has received the proposal from the committee, but is unlikely to go through as the ministry is emphasizing policy stability in the tax code, said Kouchouk, noting that the code in its current form is “conducive to private sector growth.”