{"id":608170,"date":"2023-10-16T00:00:00","date_gmt":"2023-10-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/16\/house-passes-cost-of-living-payout-tax-break\/"},"modified":"2023-10-16T00:00:00","modified_gmt":"2023-10-16T00:00:00","slug":"house-passes-cost-of-living-payout-tax-break","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/16\/house-passes-cost-of-living-payout-tax-break\/","title":{"rendered":"House passes cost-of-living payout, tax break"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>MPs yesterday gave final approval to draft bills<\/strong> that deliver a tax cut for workers and an exceptional cost-of-living payout for pensioners and public-sector workers. The two bills will now be sent to President Abdel Fattah El Sisi to be ratified into law and will retroactively come into effect from 1 October.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Tax cut:<\/strong> The House approved amendments to the Income Tax Act that would raise the tax exemption threshold by <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/96908889-0ee2-45a7-b223-c57c6f32bec1\" style=\"\" rel=\"noopener\">25% to EGP 45k from EGP 36k<\/a>. The measure was announced 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>The numbers: <\/strong>The income tax exemption threshold has risen 275% in just nine years, mirroring the minimum wage rising 233% in the same period, according to a House committee report.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Cost of living allowances and pension payouts:<\/strong> The draft bill will amend the 2022 law to raise the exceptional cost of living allowance to EGP 600 for all state employees starting this month, double the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ddca62b3-07a3-48e2-b026-0e49792dffb3\" style=\"\" rel=\"noopener\">EGP 300<\/a> paid out previously, while also doubling an exceptional grant for pensioners to EGP 600 from EGP 300.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The numbers: <\/strong>The wage hike is set to cost EGP 15.8 bn and the pension payout will come in at EGP 32 bn. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our income tax threshold has now risen 275% in just nine years<\/p>\n","protected":false},"author":1,"featured_media":608171,"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":[600,72,11677,167,274,11676,7313,11675,187,11674],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-abu-dhabi-ports","tag-enterpriseam","tag-expat-car-initiative","tag-gaza","tag-house-of-representatives","tag-import-bill","tag-income-tax","tag-legislation-hikes","tag-legislation-watch","tag-wage-and-pension-hikes","wpautop","entry"],"acf":{"mongo_id":"07c37fd0-b301-435a-b06a-af08247130c9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/752.jpg","photo_position":"above","homepage_title":"","full_issue_title":"House passes cost-of-living payout, tax break","related_issue":[608159],"teaser":"Our income tax threshold has now risen 275% in just nine years","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.30ef9f78-bd6f-4165-9420-c3f5c5a13634.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 passes cost-of-living payout, tax break - 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\/10\/16\/house-passes-cost-of-living-payout-tax-break\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House passes cost-of-living payout, tax break\" \/>\n<meta property=\"og:description\" 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