{"id":627600,"date":"2018-06-06T03:50:28","date_gmt":"2018-06-06T03:50:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/06\/house-signs-off-on-income-tax-cuts-raising-minimum-threshold-for-exemptions\/"},"modified":"2018-06-06T03:50:28","modified_gmt":"2018-06-06T03:50:28","slug":"house-signs-off-on-income-tax-cuts-raising-minimum-threshold-for-exemptions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/06\/house-signs-off-on-income-tax-cuts-raising-minimum-threshold-for-exemptions\/","title":{"rendered":"House signs off on income tax cuts, raising minimum threshold for exemptions"},"content":{"rendered":"<p><strong>House signs off on income tax cuts, raising minimum threshold for exemptions: <\/strong>The House of Representatives\u2019 general assembly signed off yesterday on new income tax cuts, <u><a href=\"http:\/\/d1y99r0ynoudrd.cloudfront.net\/news\/details\/1297888\">Al Masry Al Youm reports<\/a><\/u>. Those earning up to EGP 8k a year will be exempt entirely from taxes, while others earning between EGP 8k-30k will receive breaks ranging from 7.5%-85%, as follows:<\/p>\n<ul>\n<li>Salary amounts between EGP 8k-30k a year, taxed at 10%, will receive an 85% break;<\/li>\n<li>Salary amounts between EGP 30k-45k a year, taxed at 15%, will receive a 45% break; <\/li>\n<li>Salary amounts between EGP 45k-200k a year, taxed at 20%, will receive a 7.5% break; <\/li>\n<li>Salary amounts higher than EGP 200k a year will be taxed at 22.5% and receive no breaks.<\/li>\n<\/ul>\n<p><strong>The new rates go into effect one month after they are published in the Official Gazette<\/strong>, came <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/06\/05\/house-signs-off-on-raises-for-civil-servants-increased-spending-on-pensions-bump-in-income-tax-exemption-ahead-of-expected-subsidy-phase-out\/\">one day after<\/a><\/u> the House signed off on a number of measures meant to shore up the social safety net ahead of an expected rise in fuel and energy prices at the start of the new fiscal year in July. Those included special \u201chardship\u201d raises and pension increases for state bureaucrats as well as members of the military and police force. The move is set cost state coffers around EGP 60 bn, Prime Minister Sherif Ismail has said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>House signs off on income tax cuts, raising minimum threshold for exemptions: The House of Representatives\u2019 general assembly signed off yesterday on new income tax cuts, Al Masry Al Youm reports. Those earning up to EGP 8k a year will be exempt entirely from taxes, while others earning between EGP 8k-30k will receive breaks ranging [&hellip;]<\/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-627600","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"8f3c35bf-5bda-4882-9ef0-65f612f727f5","order":"0","is_powered_by":true,"section_story_id":"85839dca-cf48-4ed2-b753-e5caec5d416c","story_type":"1","photo_url":"","photo_position":"above","related_issue":[627593],"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 signs off on income tax cuts, raising minimum threshold for exemptions - 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\/06\/06\/house-signs-off-on-income-tax-cuts-raising-minimum-threshold-for-exemptions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House signs off on income tax cuts, raising minimum threshold for exemptions\" \/>\n<meta property=\"og:description\" content=\"House signs off on income tax cuts, raising minimum threshold for exemptions: The House of Representatives\u2019 general assembly signed off yesterday on new income tax cuts, Al Masry Al Youm reports. Those earning up to EGP 8k a year will be exempt entirely from taxes, while others earning between EGP 8k-30k will receive breaks ranging [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/06\/06\/house-signs-off-on-income-tax-cuts-raising-minimum-threshold-for-exemptions\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-06T03:50:28+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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/06\/06\/house-signs-off-on-income-tax-cuts-raising-minimum-threshold-for-exemptions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/06\/06\/house-signs-off-on-income-tax-cuts-raising-minimum-threshold-for-exemptions\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"House signs off on income tax cuts, raising minimum threshold for exemptions\",\"datePublished\":\"2018-06-06T03:50:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/06\/06\/house-signs-off-on-income-tax-cuts-raising-minimum-threshold-for-exemptions\/\"},\"wordCount\":224,\"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\/06\/06\/house-signs-off-on-income-tax-cuts-raising-minimum-threshold-for-exemptions\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/06\/06\/house-signs-off-on-income-tax-cuts-raising-minimum-threshold-for-exemptions\/\",\"name\":\"House signs off on income tax cuts, raising minimum threshold for exemptions - 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MPs voted on\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":600853,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/12\/house-to-consider-new-salary-related-amendments-to-income-tax-act\/","url_meta":{"origin":627600,"position":1},"title":"House to consider new salary-related amendments to Income Tax Act","author":"enterpriseam admin","date":"12 February 2019","format":false,"excerpt":"LEGISLATION WATCH- An MP is trying to sneak in changes to how salaries are taxed: The House Planning and Budget Committee will discuss in the coming days new amendments to the Income Tax Act that would change the tax code and rates on salaries, Al Mal reports. The amendments, proposed\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":570916,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/22\/house-approves-egp-10-bn-additional-provision-for-fy2019-2020-budget\/","url_meta":{"origin":627600,"position":2},"title":"House approves EGP 10 bn additional provision for FY2019-2020 budget","author":"enterpriseam admin","date":"22 April 2020","format":false,"excerpt":"LEGISLATION WATCH- House approves EGP 10 bn additional provision for FY2019-2020 budget: The House of Representatives\u2019 general assembly has approved the government\u2019s request to allocate an additional EGP 10 bn in the FY2019-2020 budget to help the state fight the covid-19 pandemic, according to Al Mal. The proposal was approved\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\/2020\/4\/180.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":627495,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/04\/cabinet-to-announce-new-egp-50-60-bn-social-protection-package-within-days-tax-breaks-for-low-income-earners-in-the-offing\/","url_meta":{"origin":627600,"position":3},"title":"Cabinet to announce new EGP 50-60 bn social protection package \u201cwithin days,\u201d tax breaks for low income earners in the offing","author":"enterpriseam admin","date":"4 June 2018","format":false,"excerpt":"The Ismail Cabinet is reportedly days away from announcing a new EGP 50-60 bn social protection package, government sources said yesterday. The package, which is meant to help offset the impact on low income earners of an expected hike in fuel and energy prices at the start of the new\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":570021,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/16\/govt-proposes-new-top-rate-of-personal-income-tax\/","url_meta":{"origin":627600,"position":4},"title":"Gov\u2019t proposes new top rate of personal income tax","author":"enterpriseam admin","date":"16 March 2020","format":false,"excerpt":"Gov\u2019t proposes new top rate of personal income tax: Individual taxpayers earning more than EGP 400k per year will face a new, 25% tax bracket the top end of their income under amendments to the tax code being proposed by the Finance Ministry, accordingto a documentseen by El Watan. 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