{"id":587577,"date":"2023-05-29T00:00:00","date_gmt":"2023-05-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/29\/this-evening-parliament-signs-off-on-income-tax-development-fee-hikes\/"},"modified":"2023-05-29T00:00:00","modified_gmt":"2023-05-29T00:00:00","slug":"this-evening-parliament-signs-off-on-income-tax-development-fee-hikes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/29\/this-evening-parliament-signs-off-on-income-tax-development-fee-hikes\/","title":{"rendered":"THIS EVENING: Parliament signs off on income tax + development fee hikes"},"content":{"rendered":"

Good afternoon, friends.<\/span> It\u2019s shaping up to be a legislation-heavy news week here at home, as<\/span> the House of Representatives charges through a raft of bills and tax hikes ahead of its summer recess. <\/span><\/p>\n

THE BIG STORY TODAY<\/span><\/p>\n

<\/span>Tax legislation moves through parliament:<\/span> The House of Representatives gave<\/span> its final approval to a package of <\/span>tax and duty hikes<\/a><\/span>, <\/span>Al Masry Al Youm<\/a><\/span> reports. The House general assembly also signed off on amendments to the Income Tax Act, according to <\/span>Masrawy<\/a><\/span>. The amendments will raise the threshold for income tax exemption to EGP 36k from EGP 24k, and introduce a 27.5% tax rate for people earning more than EGP 1.2 mn per year. The amendments were initially set to impose the 27.5% tax rate on individuals earning more than EGP 1 mn annually. <\/span><\/p>\n

THE BIG STORY ABROAD<\/p>\n

<\/span>Erdogan\u2019s triumph at the ballots is still dominating the conversation in the international<\/span> press this afternoon:<\/span> The president succeeded in adding another five years to his 20-year tenure in office with a 52.2% victory over Kemal Kilicdaroglui. <\/span>Reuters<\/a><\/span>| <\/span>BBC<\/a><\/span> | <\/span>CNBC<\/a><\/span> | <\/span>Bloomberg<\/a><\/span> | <\/span>Financial Times<\/a><\/span>
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ALSO- Kyiv was pummeled last night by Russian forces amid preparations for Kyiv Day.<\/span>The Ukrainian capital received an unprecedented 59 drones attacking the city overnight, but the attack claimed only one life and injured two as a result of the debris landing from a building that was attacked. <\/p>\n

<\/span>The story is also making the rounds: <\/span>BBC<\/a><\/span>|<\/span>CNBC<\/a><\/span>| <\/span>Financial Times<\/a><\/span> | <\/span>WSJ<\/a><\/span> | <\/span>Bloomberg<\/a><\/span> <\/span><\/p>\n

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** CATCH UP QUICK<\/span> on the top stories from today\u2019s <\/span>EnterpriseAM<\/span>:<\/span><\/p>\n