{"id":607732,"date":"2023-10-09T00:00:00","date_gmt":"2023-10-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/house-committees-sign-off-on-tax-cut-expat-car-import-scheme-2-0-adp-safaga-port-contract\/"},"modified":"2023-10-09T00:00:00","modified_gmt":"2023-10-09T00:00:00","slug":"house-committees-sign-off-on-tax-cut-expat-car-import-scheme-2-0-adp-safaga-port-contract","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/house-committees-sign-off-on-tax-cut-expat-car-import-scheme-2-0-adp-safaga-port-contract\/","title":{"rendered":"House committees sign off on tax cut, expat car import scheme 2.0 + ADP Safaga port contract"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> House committees sign off on key bills: <\/strong>The proposed cut to income tax, the second round of the expat car import scheme, and the decision to allow Abu Dhabi Ports to develop Safaga port were all approved by House committees yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #1- Tax cuts: <\/strong> The House Budget Committee approved amendments to the Income Tax Act that would raise the tax exemption thresholdby 25% to EGP 45k from EGP 36k. The measure was announced by President Abdel Fattah El Sisi last month as part of a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b182e4c-7409-4375-b92f-82f32198f67c\" style=\"\" rel=\"noopener\">package of measures<\/a> aimed at reducing the impact of soaring inflation on low earners.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> SOUND SMART- There are technically two income tax exemptions in Egypt. <\/strong>Everyone, regardless of income, currently pays no tax on the first EGP 15k of their income. People who earn less EGP 600k a year also have a 0% tax band on top of that, which is currently set at EGP 21k. Together, these exemptions mean that employees in the lowest income bracket are not subject to wage taxes on the first EGP 36k of their income.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Anything over EGP 45k (inclusive of the EGP 15k personal allowance) will be taxed according to the following rates:<\/p>\n<ul>\n<li>Incomes between <strong> EGP 45,001-60,000 <\/strong> will be taxed at <strong> 10% <\/strong>;<\/li>\n<li>The following <strong> EGP 60,001-75,000 <\/strong> will be taxed at <strong> 15% <\/strong>;<\/li>\n<li>The following <strong> EGP 75,001-215,000 <\/strong> will be taxed at <strong> 20% <\/strong>;<\/li>\n<li>The following <strong> EGP 215,001-415,000 <\/strong> will be taxed at <strong> 22.5% <\/strong>;<\/li>\n<li>The following EGP 415,001-EGP 1.2 mn will be taxed at <strong> 25% <\/strong>;<\/li>\n<li>Anything <strong> above EGP 1.2 mn <\/strong> per year will be taxed at <strong> 27.5%<\/strong>.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The changes are expected to impact some 13 mn people from the higher tax exemptio <\/strong><strong> n<\/strong>, one MP said yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong>This is the second time the exemption has been raised this year after the government lifted it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa078628-011b-4bca-8bd8-fd3aa0ed7d39\" style=\"\" rel=\"noopener\">from EGP 24k to EGP 36k<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- The expat car initiative: <\/strong>A draft bill allowing the government to reopen its expat car import initiative for three months to raise much-needed FX was given a preliminary stamp of approval by the House Budget Committee. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What happens now? <\/strong>The bills will be put up for discussion and voted on when the House reconvenes on 15 October.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #3- Abu Dhabi Ports one step closer to Safaga: <\/strong> The House Transport Committee approved a draft bill allowing the Transport Ministry to hand Abu Dhabi Ports <a target=\"_blank\" href=\"https:\/\/www.adportsgroup.com\/en\/news-and-media\/2023\/03\/18\/ad-ports-group-signs-a-30-year-concession-agreement-to-develop-and-operate-safaga-port-in-egypt\" style=\"\" rel=\"noopener\">a con<\/a> <a target=\"_blank\" href=\"https:\/\/www.adportsgroup.com\/en\/news-and-media\/2023\/03\/18\/ad-ports-group-signs-a-30-year-concession-agreement-to-develop-and-operate-safaga-port-in-egypt\" style=\"\" rel=\"noopener\">cessi<\/a> <a target=\"_blank\" href=\"https:\/\/www.adportsgroup.com\/en\/news-and-media\/2023\/03\/18\/ad-ports-group-signs-a-30-year-concession-agreement-to-develop-and-operate-safaga-port-in-egypt\" style=\"\" rel=\"noopener\">on<\/a> to build, manage, operate, and maintain a multipurpose terminal at the Red Sea port of Safaga. The ministry wants to upgrade Egypt\u2019s ports with the help of international companies with expertise in port management and operation, the bill\u2019s explanatory note said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Abdel Fattah El Sisi last month directed the government to raise the income tax exemption threshold as part of measures to ease the burden of inflation on the public<\/p>\n","protected":false},"author":1,"featured_media":607733,"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":[600,144,72,2234,274,7313,187,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-abu-dhabi-ports","tag-automotive","tag-enterpriseam","tag-foreign-exchange","tag-house-of-representatives","tag-income-tax","tag-legislation-watch","tag-tax","wpautop","entry"],"acf":{"mongo_id":"96908889-0ee2-45a7-b223-c57c6f32bec1","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/442.jpg","photo_position":"above","homepage_title":"","full_issue_title":"House committees sign off on tax cut, expat car import scheme 2.0 + ADP Safaga port contract","related_issue":[607715],"teaser":"President Abdel Fattah El Sisi last month directed the government to raise the income tax exemption threshold as part of measures to ease the burden of inflation on the public","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.2a7e8b9d-eab0-45df-bed6-0cd33eca4f38.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>House committees sign off on tax cut, expat car import scheme 2.0 + ADP Safaga port contract - 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\" 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&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":607732,"position":1},"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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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":589169,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/el-sisi-signs-tax-changes-into-law\/","url_meta":{"origin":607732,"position":4},"title":"El Sisi signs tax changes into law","author":"enterpriseam admin","date":"22 June 2023","format":false,"excerpt":"Higher income tax for top earners is now the law of the land","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\/6\/1097.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571605,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-speaker-submits-income-tax-act-public-enterprises-act-others-for-committee-discussion\/","url_meta":{"origin":607732,"position":5},"title":"House Speaker submits Income Tax Act, Public Enterprises Act, others, for committee discussion","author":"enterpriseam admin","date":"18 May 2020","format":false,"excerpt":"LEGISLATION WATCH- House Speaker submits Income Tax Act, Public Enterprises Act, others, for committee discussion: House Speaker Ali Abdel Aal submitted six draft laws and two protocols to their relevant committees during parliament\u2019s plenary session on Sunday, the local press reports. 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