{"id":591696,"date":"2019-12-15T04:28:17","date_gmt":"2019-12-15T04:28:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/15\/house-discusses-lowering-income-tax-for-low-earners-draft-to-combat-tax-evasion\/"},"modified":"2019-12-15T04:28:17","modified_gmt":"2019-12-15T04:28:17","slug":"house-discusses-lowering-income-tax-for-low-earners-draft-to-combat-tax-evasion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/15\/house-discusses-lowering-income-tax-for-low-earners-draft-to-combat-tax-evasion\/","title":{"rendered":"House discusses lowering income tax for low earners, draft to combat tax evasion"},"content":{"rendered":"<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>LEGISLATION WATCH- House mulls tax breaks for low income earners<\/strong><strong>: <\/strong>The House Planning and Budget Committee is discussing potential amendments to Article 8 of the Income Tax Act that would reduce income tax for low income earners, according to a recent draft <a href=\"https:\/\/bit.ly\/35iQte0\">leaked by Al Mal<\/a>. The draft appears to be an updated version of changes originally proposed by Rep. Mervat Alexan <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/12\/house-to-consider-new-salary-related-amendments-to-income-tax-act\/\">earlier this year<\/a> and raises the income tax brackets for people earning up to EGP 30k a year but by a smaller margin than was proposed in the <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/09\/finmin-federation-of-egyptian-industries-committee-finalize-new-income-tax-act\/\">draft Income Tax Act<\/a> seen by Enterprise in October. The new draft proposes the following brackets:<\/p>\n<ul>\n<li>The income tax exemption threshold would rise to <strong>EGP 14k per year<\/strong> (up from EGP 8k);<\/li>\n<li>Those earning between <strong>EGP 14-30k<\/strong> would be taxed 10%;<\/li>\n<li>Those earning between <strong>EGP 30-45k<\/strong> would be taxed 15%;<\/li>\n<li>Those earning between <strong>EGP 45-200k<\/strong> would be taxed 20% ;<\/li>\n<li>Those earning <strong>more than EGP 200k<\/strong> would be taxed at <strong>22.5%<\/strong>.<\/li>\n<\/ul>\n<p><strong>New tax-evasion clauses: <\/strong>The committee is also discussing new articles that would require self-employed professionals including physicians and lawyers to file a financial disclosure six months after they begin practicing, according to another draft <a href=\"https:\/\/bit.ly\/35xuQXa\">leaked by the newspaper<\/a>. The disclosures would include the incomes, assets and other financial information of both the professional and of their families, the leaked draft suggests. They would also be required to provide updates every five years, in the event of closing their business, or before emigrating from Egypt. The changes, also tabled by Alexan, would subject those who fail to submit wealth declaration forms or provide inaccurate information to prison terms or fines of between EGP 5-10k. The proposed law is designed to account for a large number of undocumented transactions conducted by the self-employed, <a href=\"https:\/\/bit.ly\/2rz8Xbz\">Alexan said<\/a>.<\/p>\n<p><strong>Background: <\/strong>The Finance Ministry is currently engaged in a comprehensive review of the 2005 Income Tax Act, which has been amended piecemeal over the years and which is now likely to be scrapped altogether in favor of new legislation, as we reported <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/09\/finmin-federation-of-egyptian-industries-committee-finalize-new-income-tax-act\/\">in October<\/a>. The new law would, among other things, make it harder for foreign companies to sidestep Egyptian taxes and introduce news rules on resolving tax disputes. Last we heard, the bill was close to being handed to cabinet for approval, but it remains unclear when it would then make it to the House for a vote. MPs have, in the meantime, been discussing changes of their own.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LEGISLATION WATCH- House mulls tax breaks for low income earners: The House Planning and Budget Committee is discussing potential amendments to Article 8 of the Income Tax Act that would reduce income tax for low income earners, according to a recent draft leaked by Al Mal. The draft appears to be an updated version of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":591697,"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":[72,884,963,180,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-591696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-income-tax-act","tag-law","tag-legislation","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"94d8cec4-f055-41a3-8506-fa533e209958","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/662.jpg","photo_position":"above","related_issue":[591691],"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>House discusses lowering income tax for low earners, draft to combat tax evasion - 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\/2019\/12\/15\/house-discusses-lowering-income-tax-for-low-earners-draft-to-combat-tax-evasion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House discusses lowering income tax for low earners, draft to combat tax evasion\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- House mulls tax breaks for low income earners: The House Planning and Budget Committee is discussing potential amendments to Article 8 of the Income Tax Act that would reduce income tax for low income earners, according to a recent draft leaked by Al Mal. The draft appears to be an updated version of [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/15\/house-discusses-lowering-income-tax-for-low-earners-draft-to-combat-tax-evasion\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-15T04:28:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/15\/house-discusses-lowering-income-tax-for-low-earners-draft-to-combat-tax-evasion\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/15\/house-discusses-lowering-income-tax-for-low-earners-draft-to-combat-tax-evasion\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"House discusses lowering income tax for low earners, draft to combat tax evasion\",\"datePublished\":\"2019-12-15T04:28:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/15\/house-discusses-lowering-income-tax-for-low-earners-draft-to-combat-tax-evasion\/\"},\"wordCount\":414,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/15\/house-discusses-lowering-income-tax-for-low-earners-draft-to-combat-tax-evasion\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"income tax act\",\"law\",\"legislation\",\"SPEED ROUND\",\"tax\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/15\/house-discusses-lowering-income-tax-for-low-earners-draft-to-combat-tax-evasion\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/15\/house-discusses-lowering-income-tax-for-low-earners-draft-to-combat-tax-evasion\/\",\"name\":\"House discusses lowering income tax for low earners, draft to combat tax evasion - 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Among the amendments is a proposal to give a tax cut to low income earners by tripling 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\/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":591696,"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. 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