{"id":627294,"date":"2018-07-29T04:12:33","date_gmt":"2018-07-29T04:12:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/29\/parliament-just-wont-let-the-idea-of-a-wealth-tax-die\/"},"modified":"2018-07-29T04:12:33","modified_gmt":"2018-07-29T04:12:33","slug":"parliament-just-wont-let-the-idea-of-a-wealth-tax-die","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/29\/parliament-just-wont-let-the-idea-of-a-wealth-tax-die\/","title":{"rendered":"Parliament just won\u2019t let the idea of a wealth tax die"},"content":{"rendered":"

<\/a> LEGISLATION WATCH- Parliament just won\u2019t let the idea of a wealth tax die: <\/strong>It is looking increasingly likely that the House of Representatives will push legislation that will see some form wealth tax imposed. A new amended to the Income Tax Act is currently being drafted that would see those making over EGP 1 mn per annum pay an income tax of 30%, up from a current 22.5%, House Legislative Committee member Rep. Mostafa Bakri tells Youm7<\/a><\/u>. His justification for the law is one we\u2019ve heard time and time again, which is that a wealth tax would shift the tax burden to the rich from the poor. His statements imply that this current draft runs with a proposal presented by Rep. Mervat Alexan last month<\/a><\/u>, which see salaries of more than EGP 500k per year taxed at a 25% rate. Bakri added that the legislation would be introduced in the fall session of the House and that businessmen and business associations will be consulted on the amendments when it goes through \u201ca national dialogue.\u201d<\/p>\n

You can partially blame those blue-blooded reds for the proposal\u2019s popularity:<\/strong> Bakri noted that the encouragement from in House to push through the legislation comes from \u201cthe support such a measure has in the business community.\u201d He specifically referenced an oped by the head of the Union of Investors Associations Mohamed Farid Khamis in support of Alexan\u2019s proposed wealth tax. Bakri insisted that the move would also not impact investments.<\/p>\n

We said it once, we\u2019ll say it again \u2014 stop talking about net salary: <\/strong>These representatives are looking at the wrong factors here to justify such a move (either intentionally or unintentionally). Just about every single employee in Egypt is quoted a net salary, meaning a salary after businesses remit wage taxes, social insurance, et cetera. No salaried employee in Egypt remits a tax return of his or her own unless they have outside income, so the working poor would never feel the impact of such a tax.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- Parliament just won\u2019t let the idea of a wealth tax die: It is looking increasingly likely that the House of Representatives will push legislation that will see some form wealth tax imposed. A new amended to the Income Tax Act is currently being drafted that would see those making over EGP 1 mn […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-627294","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"14c7d978-d730-4c30-a965-dcf2138f2ce3","order":"0","is_powered_by":true,"section_story_id":"67b2071a-08e2-4f11-8207-c7583f54fffb","story_type":"1","photo_url":"","photo_position":"above","related_issue":[627284],"teaser":"","voice_url":""},"yoast_head":"\nParliament just won\u2019t let the idea of a wealth tax die - 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\/2018\/07\/29\/parliament-just-wont-let-the-idea-of-a-wealth-tax-die\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parliament just won\u2019t let the idea of a wealth tax die\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- Parliament just won\u2019t let the idea of a wealth tax die: It is looking increasingly likely that the House of Representatives will push legislation that will see some form wealth tax imposed. A new amended to the Income Tax Act is currently being drafted that would see those making over EGP 1 mn […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/29\/parliament-just-wont-let-the-idea-of-a-wealth-tax-die\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-29T04:12:33+00:00\" \/>\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\/2018\/07\/29\/parliament-just-wont-let-the-idea-of-a-wealth-tax-die\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/29\/parliament-just-wont-let-the-idea-of-a-wealth-tax-die\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Parliament just won\u2019t let the idea of a wealth tax die\",\"datePublished\":\"2018-07-29T04:12:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/29\/parliament-just-wont-let-the-idea-of-a-wealth-tax-die\/\"},\"wordCount\":344,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/29\/parliament-just-wont-let-the-idea-of-a-wealth-tax-die\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/29\/parliament-just-wont-let-the-idea-of-a-wealth-tax-die\/\",\"name\":\"Parliament just won\u2019t let the idea of a wealth tax die - 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House Budget committee is looking to raise tax rate on salaries >EGP 500k p.a. to 25%: The House Planning and Budget Committee is looking into amending the income tax code bring back a wealth tax that would see\u2026","rel":"","context":"In "Speed Round"","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":600678,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/parliament-approves-egypts-new-bank-tax-treatment\/","url_meta":{"origin":627294,"position":1},"title":"Parliament approves Egypt\u2019s new bank tax treatment","author":"enterpriseam admin","date":"6 February 2019","format":false,"excerpt":"LEGISLATION WATCH- House approves new bank tax treatment: The House of Representatives\u2019 general assembly approved yesterday proposed amendments to the Income Tax Act that would change how banks and corporations account for income from investments in government debt, according to state news agency MENA. 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The draft appears to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628043,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/24\/wealth-tax-is-unlikely-to-make-a-comeback-says-kouchouk\/","url_meta":{"origin":627294,"position":5},"title":"Wealth tax is unlikely to make a comeback, says Kouchouk","author":"enterpriseam admin","date":"24 June 2018","format":false,"excerpt":"EXCLUSIVE- Wealth tax is unlikely to make a comeback, says Kouchouk: A proposal coming from the House of Representatives\u2019 Budget committee to bring back a wealth tax is unlikely to pass, Vice Minister of Finance Ahmed Kouchouk told us last week. 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