{"id":570952,"date":"2020-04-23T04:30:55","date_gmt":"2020-04-23T04:30:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egypts-house-of-representatives-approves-covid-19-relief-package\/"},"modified":"2020-04-23T04:30:55","modified_gmt":"2020-04-23T04:30:55","slug":"egypts-house-of-representatives-approves-covid-19-relief-package","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egypts-house-of-representatives-approves-covid-19-relief-package\/","title":{"rendered":"Egypt\u2019s House of Representatives approves covid-19 relief package"},"content":{"rendered":"<p><strong>LEGISLATION WATCH- Corporate income tax relief program gets House approval:<\/strong> The House of Representatives approved in its plenary session yesterday a bill allowing the government to move ahead with its tax relief package to help companies cope with the economic impact of covid-19. <strong>Companies will need to commit to zero layoffs if they sign up for the program<\/strong>, <a href=\"https:\/\/bit.ly\/3burG9X\">according to Mubasher<\/a>.<\/p>\n<p><strong>The House also approved the Unified Income Tax Act <\/strong>after the government agreed to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce616cf5-3769-4030-b852-c2f6b1df49dc\">raise the exemption threshold<\/a> to EGP 9k from EGP 7k, <a href=\"https:\/\/bit.ly\/3aAWXqw\">according to Mubasher<\/a>. <strong>The bill in its final form also introduced a new top rate for those earning more than EGP 400k per year<\/strong>. The current tax bands will now be as follows:<\/p>\n<ul>\n<li>Those earning between EGP 15-30k will be taxed 2.5%;<\/li>\n<li>Those earning between EGP 30-45k will be taxed 10%;<\/li>\n<li>Those earning between EGP 45-60k will be taxed 15%;<\/li>\n<li>Those earning between EGP 60-200k will be taxed 20%;<\/li>\n<li>Those earning between EGP 200k-400k will be taxed 22.5%; and<\/li>\n<li>Those earning more than EGP 400k will be taxed 25%.<\/li>\n<\/ul>\n<p><strong>The House failed to convince the government to include annual special bonuses in the wages of state-owned company employees<\/strong>, <a href=\"https:\/\/bit.ly\/3eOpnkb\">according to Al Mal<\/a>. Public Enterprises Minister Hisham Tawfik agreed to reconsider this clause after the covid-19 pandemic is over, but noted that including the bonuses as part of the main salary would raise state companies' expenditures by EGP 700 mn.<\/p>\n<p><strong>Parliament also approved the<\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce616cf5-3769-4030-b852-c2f6b1df49dc\">SMEs Development Act<\/a><\/strong><strong> and amendments to the Emergency Law<\/strong> that <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b80bac9a-49be-48ef-a2dd-b289b9e88962\">expand presidential powers<\/a> to combat the covid-19 pandemic. <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-egypt-lawmaking\/egypt-amends-emergency-laws-amid-coronavirus-outbreak-idUSKCN22437A\">Reuters<\/a> took note of the Emergency Law amendments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LEGISLATION WATCH- Corporate income tax relief program gets House approval: The House of Representatives approved in its plenary session yesterday a bill allowing the government to move ahead with its tax relief package to help companies cope with the economic impact of covid-19. Companies will need to commit to zero layoffs if they sign up [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":570953,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[4980,107,72,274,7313,527,79,389,4978,2380,69,4981,4979],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-bands","tag-covid-19","tag-enterpriseam","tag-house-of-representatives","tag-income-tax","tag-pandemic","tag-public-enterprises-ministry","tag-real-estate-tax","tag-social-security-insurance","tag-speed-round","tag-tax","tag-tax-threshold","tag-unified-income-tax","wpautop","entry"],"acf":{"mongo_id":"08076d9e-b48c-46f1-abe8-d1cc6fb85912","is_powered_by":true,"section_story_id":"23435a10-ae6a-4ab7-b516-c14fcc2dfe59","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/200.jpg","photo_position":"above","related_issue":[570938],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt\u2019s House of Representatives approves covid-19 relief package - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egypts-house-of-representatives-approves-covid-19-relief-package\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s House of Representatives approves covid-19 relief package\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- Corporate income tax relief program gets House approval: The House of Representatives approved in its plenary session yesterday a bill allowing the government to move ahead with its tax relief package to help companies cope with the economic impact of covid-19. Companies will need to commit to zero layoffs if they sign up [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egypts-house-of-representatives-approves-covid-19-relief-package\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-23T04:30:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/200.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egypts-house-of-representatives-approves-covid-19-relief-package\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egypts-house-of-representatives-approves-covid-19-relief-package\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s House of Representatives approves covid-19 relief package\",\"datePublished\":\"2020-04-23T04:30:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egypts-house-of-representatives-approves-covid-19-relief-package\/\"},\"wordCount\":271,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egypts-house-of-representatives-approves-covid-19-relief-package\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/200.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Bands\",\"covid-19\",\"EnterpriseAM\",\"House of Representatives\",\"income tax\",\"pandemic\",\"Public Enterprises Ministry\",\"real estate tax\",\"social security insurance\",\"SPEED ROUND\",\"tax\",\"Tax threshold\",\"Unified Income Tax\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egypts-house-of-representatives-approves-covid-19-relief-package\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egypts-house-of-representatives-approves-covid-19-relief-package\/\",\"name\":\"Egypt\u2019s House of Representatives approves covid-19 relief package - 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The proposal was approved\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/180.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570876,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/21\/egypt-lists-sectors-eligible-for-covid-19-corporate-income-tax-relief\/","url_meta":{"origin":570952,"position":1},"title":"Egypt lists sectors eligible for covid-19 corporate income tax relief","author":"enterpriseam admin","date":"21 April 2020","format":false,"excerpt":"Gov\u2019t lists sectors eligible for covid-19 corporate income tax relief: The Madbouly Cabinet specified on Thursday industries eligible for the income tax relief program ordered by President Abdel Fattah El Sisi earlier this month, confirming what a senior government official told us last week, according to a statement. Under the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570877,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/21\/egypts-cabinet-approves-income-tax-breaks-other-decisions-in-weekly-meeting\/","url_meta":{"origin":570952,"position":2},"title":"Egypt\u2019s Cabinet approves income tax breaks, other decisions in weekly meeting","author":"enterpriseam admin","date":"21 April 2020","format":false,"excerpt":"CABINET WATCH- Cabinet approves income tax breaks: The Madbouly cabinet greenlit in its weekly meeting on Thursday proposed amendments to the Income Tax Act that would, if approved by the House of Representatives, exempt employees making less than EGP 22k a year from paying income tax. Besides raising the tax\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/165.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572740,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/07\/house-committee-approves-adding-real-estate-taxes-to-unified-platform\/","url_meta":{"origin":570952,"position":3},"title":"House committee approves adding real estate taxes to unified platform","author":"enterpriseam admin","date":"7 July 2020","format":false,"excerpt":"House Defense and National Security Committee, National Security Council, army LEGISLATION WATCH- House committee approves adding real estate taxes to unified filing platform: The House Planning and Budgeting Committee has approved a proposal from Rep. Mervat Alexan to include real estate taxes on the planned single tax filing platform that\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567146,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/14\/house-committee-approves-changes-to-income-tax-bands\/","url_meta":{"origin":570952,"position":4},"title":"House committee approves changes to income tax bands","author":"enterpriseam admin","date":"14 January 2020","format":false,"excerpt":"LEGISLATION WATCH- House committee approves changes to income tax bands: The House Planning and Budget Committee yesterday approved changes to Article 8 of the Income Tax Act proposed by Rep. Mervat Alexan to raise the income tax brackets, according to Al Shorouk. The bill, which will be placed on the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/594.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577212,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/14\/fx-for-tax-cuts-plan-earns-senate-approval\/","url_meta":{"origin":570952,"position":5},"title":"FX-for-tax cuts plan earns Senate approval","author":"enterpriseam admin","date":"14 November 2022","format":false,"excerpt":"Senators approve FX-for-tax cuts incentives: The Senate has approved legalamendments that would grant income tax breaks to investors who use FX to finance at least half of the cost of their projects. Under the proposed amendments to the 2017 Investment Act, companies would receive a tax cut of up to\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/219.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570952","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=570952"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570952\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570953"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570952"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570952"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}