{"id":587439,"date":"2023-05-28T00:00:00","date_gmt":"2023-05-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/28\/income-tax-changes-get-committee-approval\/"},"modified":"2023-05-28T00:00:00","modified_gmt":"2023-05-28T00:00:00","slug":"income-tax-changes-get-committee-approval","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/28\/income-tax-changes-get-committee-approval\/","title":{"rendered":"Income tax changes get committee approval"},"content":{"rendered":"

<\/span>Another raft of tax changes are back on the legislative agenda:<\/span> Tax changes that would <\/span>reduce income tax for lower earners and raise tax for those on the higher incomes received approval from the House Planning and Budget Committee on Thursday. Draft a<\/span>mendments <\/span>to the income tax law would <\/span>raise the personal income tax exemption<\/a><\/span> threshold to EGP 36k from EGP 24k while introducing a new 27.5% higher rate of tax for people earning more than EGP 1 mn a year.<\/span><\/p>\n

That\u2019s a higher band than we\u2019d been expecting: <\/span>We\u2019d previously been told by a source at the <\/span>Finance Ministry that the new top tax band would affect earnings above EGP 800k. The current top rate of tax is currently 25% and is applied on annual incomes over EGP 400k.<\/span><\/p>\n

REFRESHER-<\/span> President Abdel Fattah El Sisi directed the government to raise the income tax <\/span>exemption threshold <\/span>back in March<\/span>, with our FinMin source at the time telling us the new top tax rate would be brought in in tandem. See our <\/span>initial story<\/a><\/span> for more detail on how income tax works and how the changes are expected to impact each tax band. <\/span><\/p>\n

Top earners will cover some of the tax breaks for lower earners: <\/span>Raising the income tax <\/span>threshold will cost the state treasury some EGP 10 bn \u2014 EGP 4 bn of which will be offset by the revenues generated from the new top rate, Deputy Finance Minister Ramy Yo<\/span>ussef told MPs. <\/span><\/p>\n

THERE\u2019S MORE-<\/span><\/p>\n

The amendments include measures to simplify tax procedures and combat tax evasion<\/span>, <\/span>Finance Minister Mohamed Maait said in <\/span>a statement<\/a><\/span> Friday: <\/span><\/p>\n

#1- All small businesses considered SMEs for tax purposes: <\/span>Any business with annual revenues of less than EGP 10 mn <\/span>will be eligible for the <\/span>preferential, flat-rate tax treatment<\/a><\/span> that was brought in for SMEs under a 2020 law.<\/span><\/p>\n

#2- <\/span>Incentives for individual e-invoicers:<\/span> Individuals who are obliged to file under the new e-invoicing system will get an incentive worth 5% of their annual tax bill.<\/span> Remember: Self-employed people <\/span>only need to register<\/a><\/span> for e-invoicing if they work with entities that are required to file e-invoices \u2014 as opposed to with end consumers \u2014 after blowback from professionals including doctors, lawyers, and pharmacists. <\/span><\/p>\n

#3- Whistleblowers\u2019 reward: <\/span>Citizens who help the ministry detect cases of tax evasion will receive up to 10% of the penalty paid by the culprits. <\/span><\/p>\n

This was the second package of tax changes to be approved by the committee last wee<\/span>k:<\/span>Legislation that would make a number of changes to existing taxes and duties \u2014 including introducing a new entertainment tax, imposing fees on duty-free products, raising duties on imported luxury goods, and doubling departure the fee charged on flight tickets \u2014 was <\/span>approved by the committee<\/a><\/span> on Wednesday.<\/span><\/p>\n

Departure fee hike only applies to locals:<\/span> The proposal to double the existing EGP 50 <\/span>departure fee only applies to locals and not foreign tourists, Maait clarified in the statement. <\/span><\/p>\n

What\u2019s next?<\/span> The amendments will be discussed and voted on by the House General Assembly in an upcoming session. MPs are reconvening today.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The income tax changes will cost the state some EGP 6 bn<\/p>\n","protected":false},"author":1,"featured_media":587440,"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":[7385],"tags":[72,274,7313,187,3583],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxation","tag-enterpriseam","tag-house-of-representatives","tag-income-tax","tag-legislation-watch","tag-taxation","wpautop","entry"],"acf":{"mongo_id":"57ae47d8-33eb-484e-9908-ac47ec53f363","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1437.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt 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The law would raise the personal income tax exemption threshold to EGP 24k, close tax avoidance loopholes for foreign companies, and introduce\u2026","rel":"","context":"In "Speed Round"","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\/661.jpg?fit=%2C&ssl=1&resize=350%2C200","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":587439,"position":3},"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 "Speed Round"","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":568929,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/09\/mps-want-to-raise-taxes-on-anyone-earning-more-than-egp-1-mn-a-year\/","url_meta":{"origin":587439,"position":4},"title":"MPs want to raise taxes on anyone earning more than EGP 1 mn a year","author":"enterpriseam admin","date":"9 February 2020","format":false,"excerpt":"LEGISLATION WATCH- MPs want to raise taxes on anyone earning more than EGP 1 mn a year: A draft law put forth last week by Rep. 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