{"id":587611,"date":"2023-05-30T00:00:00","date_gmt":"2023-05-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/house-approves-a-whole-lot-of-tax-amendments\/"},"modified":"2023-05-30T00:00:00","modified_gmt":"2023-05-30T00:00:00","slug":"house-approves-a-whole-lot-of-tax-amendments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/house-approves-a-whole-lot-of-tax-amendments\/","title":{"rendered":"House approves a whole lot of tax amendments"},"content":{"rendered":"

<\/span>House gives its final nod to tax hikes, income tax changes: <\/span>MPs gave their final approval <\/span>yesterday to a fresh batch of tax amendments \u2014 raising the threshold for income tax exemption and introducing a raft of tax, duty, and development fee hikes. <\/span><\/p>\n

New taxes? <\/span>Among the changes are a 5-20% \u2018entertainment tax\u2019, new fees on duty-free <\/span>products, a stamp tax hike on ins., and a 10% development fee on a number of imported luxury goods. Check out <\/span>our coverage last week<\/a><\/span> for the full details. <\/span><\/p>\n

The final approval came despite opposition: <\/span>A number of leftist and liberal <\/span>MPs rejected the<\/a><\/span>bills<\/a><\/span> on Sunday, saying that they will add further financial burdens on the public and contradict the investment-friendly climate the government is trying to set up. <\/span><\/p>\n

REMEMBER- <\/span>The tax hikes have been in limbo since December 2021 when the Madbouly <\/span>government pulled it from the House following its rejection by the House General Assembly.<\/span><\/p>\n

The impact on the public purse: <\/span>The tax amendments will bring in EGP 25 bn in revenues a <\/span>year, a <\/span>Tax Authority source <\/span>told Enterprise. <\/span><\/p>\n

INCOME TAX-<\/span><\/p>\n

A tax break for lower earners:<\/span> Changes to the income tax law will raise the personal tax <\/span>exemption threshold to EGP 36k from EGP 24k, lowering the tax burden for<\/span> as many as 22 mn<\/span> low- and middle-income earners. You can find the breakdown of the new tax bands <\/span>here<\/a><\/span>.<\/span><\/p>\n

The new higher rate band won\u2019t affect as many as previously thought:<\/span> The changes will <\/span>introduce a new 27.5% higher rate of tax for people earning more than EGP 1.2 mn a year. The higher tax rate was initially expected to impact those making <\/span>over EGP 1 mn a year<\/a><\/span> but Finance Minister Mohamed Maait agreed to raise the threshold upon a request from independent MP Diaa Eldin Dawoud. \u201cAs the EGP lost much of its value against the USD last year, it would be reasonable to introduce the new tax rate for people who earn a monthly EGP 100k,\u201d Dawoud said.<\/span><\/p>\n

The cost to the state budget: EGP 6 bn.<\/span> \u201cThese new legislative amendments will reduce tax <\/span>receipts by EGP 6 bn, but we are ready to bear this cost because it aims to serve the interests of low and average-income citizens,\" said Finance Minister Mohamed Maait. Raising the income tax threshold will cost around EGP 10 bn, EGP 4 bn of which will be offset by the new higher rate of tax, said Deputy Finance Minister Rami Youssef.<\/span><\/p>\n

Boost for small businesses: <\/span>The amendments will allow small businesses with annual <\/span>revenues of less than EGP 10 mn to be granted a flat-rate tax treatment and grant individuals who file under the new e-invoicing system an incentive worth 5% of their annual tax bill. We have more details in our <\/span>coverage<\/a><\/span> earlier this week.<\/span><\/p>\n

CAPITAL GAINS TAX- <\/span><\/p>\n

Tax cut on shares of newly-listed companies:<\/span> In a bid to incentivize subscription to IP<\/span>Os, <\/span>investors will be charged the 10% capital gains tax on only 50% of the realized gains made from selling shares in newly-listed companies. This will fall to 25% two years after the passage of the legislation.<\/span><\/p>\n

Expanding the umbrella of CGT: <\/span>Income made from investments in venture capitals, real <\/span>estate investment funds, holding companies and or equity funds are now subject to a 5-15% CGT.<\/span><\/p>\n

REMEMBER-<\/span> A 10% <\/span>capital gains tax<\/a><\/span> on EGX transactions was supposed to be introduced in <\/span>January 2022 for <\/span>resident investors but was later <\/span>delayed by the Finance Ministry<\/a><\/span> pending the passage of the Income Tax Act amendments. Investors will pay the tax on net portfolio earnings calculated at the end of the tax year, minus brokerage fees.<\/span><\/p>\n

WHAT\u2019S NEXT- <\/span>The bill will be passed to President Abdel Fattah El Sisi to sign into law.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The government is moving to curb the budget deficit while boosting EGX investment ahead of CGT<\/p>\n","protected":false},"author":1,"featured_media":587612,"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":[72,274,187,3583],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxation","tag-enterpriseam","tag-house-of-representatives","tag-legislation-watch","tag-taxation","wpautop","entry"],"acf":{"mongo_id":"0cd1eae3-ee20-4bba-92fe-805654646ebb","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1603.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian lawmakers approve raft of tax reforms","related_issue":[587606],"teaser":"The government is moving to curb the budget deficit while boosting EGX investment ahead of CGT","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.acdf2d5c-0660-4cb6-b285-ee650cb4c4c3.mp3"},"yoast_head":"\nHouse approves a whole lot of tax amendments - 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\/2023\/05\/30\/house-approves-a-whole-lot-of-tax-amendments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House approves a whole lot of tax amendments\" \/>\n<meta property=\"og:description\" content=\"The government is moving to curb the budget deficit while boosting EGX investment ahead of CGT\" \/>\n<meta property=\"og:url\" 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session","rel":"","context":"In "Taxation"","block_context":{"text":"Taxation","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/taxation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1512.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587323,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/the-fun-tax-is-back-and-say-goodbye-to-duty-free\/","url_meta":{"origin":587611,"position":1},"title":"The fun tax is back \u2014 and say goodbye to duty-free","author":"enterpriseam admin","date":"25 May 2023","format":false,"excerpt":"The amended bill scraps taxes on soft drinks and finished durable goods proposed back in 2021","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1405.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587439,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/28\/income-tax-changes-get-committee-approval\/","url_meta":{"origin":587611,"position":2},"title":"Income tax changes get committee approval","author":"enterpriseam admin","date":"28 May 2023","format":false,"excerpt":"The income tax changes will cost the state some EGP 6 bn","rel":"","context":"In "Taxation"","block_context":{"text":"Taxation","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/taxation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1437.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587577,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/29\/this-evening-parliament-signs-off-on-income-tax-development-fee-hikes\/","url_meta":{"origin":587611,"position":3},"title":"THIS EVENING: Parliament signs off on income tax + development fee hikes","author":"enterpriseam admin","date":"29 May 2023","format":false,"excerpt":"Good afternoon, friends. It\u2019s shaping up to be a legislation-heavy news week here at home, as the House of Representatives charges through a raft of bills and tax hikes ahead of its summer recess. THE BIG STORY TODAY Tax legislation moves through parliament: The House of Representatives gave its final\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/court-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553939,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/tax-anything-that-moves\/","url_meta":{"origin":587611,"position":4},"title":"Tax anything that moves","author":"enterpriseam admin","date":"14 December 2021","format":false,"excerpt":"A raft of new tax hikes, duties and development fees(pdf) proposed by the Madbouly government got the greenlight from the House Planning and Budgeting Committee yesterday, Youm7 reports.The breakdown: Finished durable goods will be subject to a 2% development fee while locally-produced and imported soft drinks will be subject to\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590084,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/heres-what-mps-got-done-this-session\/","url_meta":{"origin":587611,"position":5},"title":"Here\u2019s what MPs got done this session","author":"enterpriseam admin","date":"13 July 2023","format":false,"excerpt":"MPs passed almost 190 pieces of legislation over the past nine months","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/515.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587611","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=587611"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587611\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/587606"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/587612"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=587611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=587611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=587611"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=587611"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=587611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}