{"id":589169,"date":"2023-06-22T00:00:00","date_gmt":"2023-06-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/el-sisi-signs-tax-changes-into-law\/"},"modified":"2023-06-22T00:00:00","modified_gmt":"2023-06-22T00:00:00","slug":"el-sisi-signs-tax-changes-into-law","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/el-sisi-signs-tax-changes-into-law\/","title":{"rendered":"El Sisi signs tax changes into law"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Tax changes are now the law of the land: <\/span><span style=\"\">President Abdel Fattah El Sisi has <\/span><span style=\"\">signed <\/span><span>into law <\/span><span>the raft of tax changes <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0cd1eae3-ee20-4bba-92fe-805654646ebb\" style=\"\">recently passed by MPs<\/a><\/span><span style=\"font-weight:400;\"> aimed at raising state revenues and reducing the tax burden on low earners, according to a decision published in the Official Gazette on Tuesday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ICYMI-<\/span><span> The changes include a new higher rate of income tax, a higher personal income tax exemption threshold, several new development fees (including the \u2018entertainment tax\u2019) and a few tweaks to the incoming capital gains tax on EGX transactions. We have the full breakdown of the measures <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0cd1eae3-ee20-4bba-92fe-805654646ebb\" style=\"\">here<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d50d35d1-3aeb-45a0-bd26-02a55934eb07\" style=\"\">here<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">YESTERDAY IN THE HOUSE- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MPs gave their final approval to several bills and decisions yesterday: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">A USD 500 mn loan from the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29a80974-4fef-4290-bd28-dc46eb661d62\" style=\"\">International Bank for Reconstruction and Development<\/a><\/span><span style=\"font-weight:400;\">to expand the Takaful and Karama subsidy program;<\/span><\/li>\n<li><span style=\"font-weight:700\">A USD 310 mn loan from the Japan International Cooperation Agency<\/span><span> for our <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9984e62c-0075-4085-bcfd-ad868a65e7df\" style=\"\">universal healthcare<\/a><\/span><span style=\"font-weight:400;\"> scheme;<\/span><\/li>\n<li><span style=\"font-weight:700\">Four bills licensing the Oil Ministry to contract foreign firm <\/span><span style=\"font-weight:700\">Trident Petroleum <\/span><span style=\"font-weight:700\">to explore for oil <\/span><span>in the Gulf of Suez in partnership with state-owned Egyptian General Petroleum Corporation <\/span><span>(EGPC);<\/span><\/li>\n<li><span style=\"font-weight:700\">Three presidential decrees <\/span><span>approving Egypt joining the International Atomic Energy Agency\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.iaea.org\/topics\/nuclear-safety-conventions\/convention-nuclear-safety#:~:text=The%20Convention%20on%20Nuclear%20Safety,to%20which%20States%20would%20subscribe.\" style=\"\">convention on nuclear energy safety<\/a><\/span><span>; r<\/span><span>atifying custom reductions under the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/au-afcfta.org\/\" style=\"\">African Continental Freetrade Area<\/a><\/span><span> (AfCFTA); and hosting the headquarters of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13becaca-859f-4d08-a629-bdb8beb4d3d3\" style=\"\">African Space Agency<\/a><\/span><span style=\"font-weight:400;\"> in Egypt. <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The House is now on its Eid break <\/span><span style=\"font-weight:400;\">and will reconvene on Sunday, 9 July.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Higher income tax for top earners is now the law of the land<\/p>\n","protected":false},"author":1,"featured_media":589170,"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":[7344],"tags":[557,72,274,3146,892,187,91,2200,69,10719],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-egyptian-general-petroleum-corporation","tag-enterpriseam","tag-house-of-representatives","tag-ibrd","tag-jica","tag-legislation-watch","tag-oil-and-gas","tag-takaful-and-karama","tag-tax","tag-trident-petroleum","wpautop","entry"],"acf":{"mongo_id":"cd1ae145-a71e-433a-af42-87f0f373cf25","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/1097.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s president signs tax changes into law. PLUS: MPs approve oil exploration bills and more","related_issue":[589160],"teaser":"Higher income tax for top earners is now the law of the land","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.ea1256d9-40ec-4cf2-83d1-59c3379ffbdf.mp3"},"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>El Sisi signs tax changes into law - 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\/06\/22\/el-sisi-signs-tax-changes-into-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"El Sisi signs tax changes into law\" \/>\n<meta property=\"og:description\" content=\"Higher income tax for top earners is now the law of the land\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/el-sisi-signs-tax-changes-into-law\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-22T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1097.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\/2023\/06\/22\/el-sisi-signs-tax-changes-into-law\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/el-sisi-signs-tax-changes-into-law\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"El Sisi signs tax changes into law\",\"datePublished\":\"2023-06-22T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/el-sisi-signs-tax-changes-into-law\/\"},\"wordCount\":241,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/el-sisi-signs-tax-changes-into-law\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1097.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Egyptian General Petroleum Corporation\",\"EnterpriseAM\",\"House of Representatives\",\"IBRD\",\"JICA\",\"Legislation Watch\",\"oil and gas\",\"Takaful and Karama\",\"tax\",\"Trident Petroleum\"],\"articleSection\":[\"LEGISLATION WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/el-sisi-signs-tax-changes-into-law\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/el-sisi-signs-tax-changes-into-law\/\",\"name\":\"El Sisi signs tax changes into law - 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Other laws include allowing pensioners to add 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":587439,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/28\/income-tax-changes-get-committee-approval\/","url_meta":{"origin":589169,"position":1},"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 &quot;Taxation&quot;","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":608170,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/16\/house-passes-cost-of-living-payout-tax-break\/","url_meta":{"origin":589169,"position":2},"title":"House passes cost-of-living payout, tax break","author":"enterpriseam admin","date":"16 October 2023","format":false,"excerpt":"Our income tax threshold has now risen 275% in just nine years","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\/2023\/10\/752.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569990,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/15\/low-earners-to-get-larger-than-expected-tax-cut\/","url_meta":{"origin":589169,"position":3},"title":"Low earners to get larger-than-expected tax cut","author":"enterpriseam admin","date":"15 March 2020","format":false,"excerpt":"LEGISLATION WATCH- Low income earners to get larger-than-expected tax cut on orders of President El Sisi: President Abdel Fattah El Sisi yesterday ordered the Madbouly government to provide larger income tax breaks to low-income earners under draft amendments to the Income Tax Act that will soon go up for a\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed 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&quot;Taxation&quot;","block_context":{"text":"Taxation","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/taxation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1603.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":652524,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/","url_meta":{"origin":589169,"position":5},"title":"Finance Ministry turns working on new income tax law","author":"enterpriseam admin","date":"12 January 2017","format":false,"excerpt":"A new income tax act is in the works: Finance Minister Amr El Garhy announced yesterday that his ministry is working on a new income tax law, explaining that any amendments designed to bring the tax code up to international standards need to come in the form of a new\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed 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