{"id":646644,"date":"2017-06-20T04:19:48","date_gmt":"2017-06-20T04:19:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/20\/house-votes-on-income-tax-amendments-hardship-raises-and-pension-increases\/"},"modified":"2017-06-20T04:19:48","modified_gmt":"2017-06-20T04:19:48","slug":"house-votes-on-income-tax-amendments-hardship-raises-and-pension-increases","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/20\/house-votes-on-income-tax-amendments-hardship-raises-and-pension-increases\/","title":{"rendered":"House votes on income tax amendments, hardship raises, and pension increases"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Parliament approves income tax cuts: <\/strong>Manufacturers and others with lower cost labor can take heart, though: Interest rates may speak against CAPEX right now, but <strong>the cost of running their businesses just got a bit lighter with income tax cuts passed by the House<\/strong> of Representatives yesterday. MPs voted on Monday to increase the minimum income tax threshold to an annual EGP 7,200 from EGP 6,500 previously, <a href=\"http:\/\/in.reuters.com\/article\/egypt-economy-idINL8N1JG5OU\">Reuters reports<\/a>. That means self-employed people or those working in trade or industry making EGP 7,200 a year or less (that\u2019s below the minimum wage, for those of you keeping track at home) would not pay income tax, <a href=\"http:\/\/www.youm7.com\/story\/2017\/6\/19\/%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D9%8A%D9%88%D8%A7%D9%81%D9%82-%D9%86%D9%87%D8%A7%D8%A6%D9%8A%D8%A7-%D8%B9%D9%84%D9%89-%D8%AA%D8%B9%D8%AF%D9%8A%D9%84-%D8%A7%D9%84%D8%B6%D8%B1%D9%8A%D8%A8%D8%A9-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%AF%D8%AE%D9%84-%D9%88%D8%B1%D9%81%D8%B9-%D8%AD%D8%AF\/3291165\">according to Youm7<\/a>. Public and private sector employees making up to EGP 14,200 would be exempt (up from EGP 13,500). Other features of the law includes:<\/p>\n<ul>\n<li>Salary amounts between <strong>EGP 7,200 and EGP 30,000 per year<\/strong>, currently taxed at 10%, will receive an 80% break, bringing the effective tax rate on that bracket to 2%;<\/li>\n<li>Amounts between <strong>EGP 30,001-45,000 a year<\/strong>, currently taxed at 15%, get a 40% break, making the new rate for the bracket 9%;<\/li>\n<li>Sums in the <strong>EGP 45,001-200k<\/strong> bracket, currently taxed at 20%, will get a 5% break, for a new effective tax rate of 19%; <\/li>\n<li>Amounts above EGP 200k will still be taxed at the full 22.5% rate.<\/li>\n<\/ul>\n<p>The tax cuts will not come into effect until they are signed-off by President Abdel Fattah El Sisi and published in the Official Gazette.<\/p>\n<p><strong>The House also passed a proposal to increase the minimum threshold for annual raises under the Civil Service Act <\/strong>by at least EGP 65 a month and at most EGP 130 a month, <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1150694\">according to AMAY<\/a>. The proposal also includes a 7% hardship raise for state bureaucrats covered by the act. For those not covered by the Civil Service Act, MPs approved a 10% hardship raise that will be paid retroactive to 1 July 2016,<a href=\"http:\/\/www.shorouknews.com\/news\/view.aspx?cdate=19062017&id=c4f59827-fcff-473a-88b5-a1df053a3d1c\">Al Shorouk says<\/a>.<\/p>\n<p><strong>Pensions will also be rising by an annual 15% starting 1 July 2017<\/strong>,rising by a minimum of EGP 150 and a maximum of EGP 551, after representatives approved a government proposal yesterday, <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1150841\">AMAY reports<\/a>. This increase, which is primarily geared towards low-income pensioners, will <strong>cost the state around EGP 21.3 bn<\/strong> and benefit around 9.4 mn families, according to Social Solidarity Minister Ghada Wali. Finance Minister Amr El Garhy had <a href=\"http:\/\/www.almalnews.com\/Story\/337752\/14\/%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D9%88%D8%A7%D9%81%D9%82-%D8%B9%D9%84%D9%89-%D8%B1%D9%81%D8%B9-%D8%A7%D9%84%D8%AD%D8%AF-%D8%A7%D9%84%D8%A3%D8%AF%D9%86%D9%89-%D9%84%D9%84%D9%85%D8%B9%D8%A7%D8%B4%D8%A7%D8%AA-%D9%84%D9%80-150-%D8%AC%D9%86%D9%8A%D9%87%D9%8B%D8%A7\">okayed an increase<\/a> in the minimum rate for pensions to EGP 150 from EGP 130 during discussion earlier in the day.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Parliament approves income tax cuts: Manufacturers and others with lower cost labor can take heart, though: Interest rates may speak against CAPEX right now, but the cost of running their businesses just got a bit lighter with income tax cuts passed by the House of Representatives yesterday. MPs voted on Monday to increase the minimum [&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-646644","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"b37257b1-b114-46d4-8f86-1406ffd4e55f","order":"0","is_powered_by":true,"section_story_id":"bfb6f80e-4f8a-4884-9ed1-6f111fc726fd","story_type":"1","photo_url":"","photo_position":"above","related_issue":[646636],"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 votes on income tax amendments, hardship raises, and pension increases - 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\/2017\/06\/20\/house-votes-on-income-tax-amendments-hardship-raises-and-pension-increases\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House votes on income tax amendments, hardship raises, and pension increases\" \/>\n<meta property=\"og:description\" content=\"Parliament approves income tax cuts: Manufacturers and others with lower cost labor can take heart, though: Interest rates may speak against CAPEX right now, but the cost of running their businesses just got a bit lighter with income tax cuts passed by the House of Representatives yesterday. MPs voted on Monday to increase the minimum [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/20\/house-votes-on-income-tax-amendments-hardship-raises-and-pension-increases\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-20T04:19:48+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\/2017\/06\/20\/house-votes-on-income-tax-amendments-hardship-raises-and-pension-increases\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/20\/house-votes-on-income-tax-amendments-hardship-raises-and-pension-increases\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"House votes on income tax amendments, hardship raises, and pension increases\",\"datePublished\":\"2017-06-20T04:19:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/20\/house-votes-on-income-tax-amendments-hardship-raises-and-pension-increases\/\"},\"wordCount\":393,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/20\/house-votes-on-income-tax-amendments-hardship-raises-and-pension-increases\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/06\/20\/house-votes-on-income-tax-amendments-hardship-raises-and-pension-increases\/\",\"name\":\"House votes on income tax amendments, hardship raises, and pension increases - 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The committee signed off on new tax brackets including:\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":647362,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/09\/finance-ministry-sends-income-tax-law-amendments-to-house-economics-committee\/","url_meta":{"origin":646644,"position":1},"title":"Finance Ministry sends Income Tax Law amendments to House Economics Committee","author":"enterpriseam admin","date":"9 May 2017","format":false,"excerpt":"The Finance Ministry has finished drafting amendments to the Income Tax Law and sent them to the House of Representatives\u2019 Economics Committee for discussion before preparing a final draft for the Ismail cabinet, Al Shorouk reports. The ministry had announced in March its plans to create what it called a\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":627600,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/06\/house-signs-off-on-income-tax-cuts-raising-minimum-threshold-for-exemptions\/","url_meta":{"origin":646644,"position":2},"title":"House signs off on income tax cuts, raising minimum threshold for exemptions","author":"enterpriseam admin","date":"6 June 2018","format":false,"excerpt":"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\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":645526,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/24\/tax-authority-signs-off-on-new-income-tax-breaks\/","url_meta":{"origin":646644,"position":3},"title":"Tax Authority signs off on new income tax breaks","author":"enterpriseam admin","date":"24 July 2017","format":false,"excerpt":"Tax Authority signs off on new income tax breaks: Tax Authority boss Emad Samy signed off on income tax breaks on Thursday, Al Mal reports. The House of Representatives had approved income tax cuts last month ranging from 5-80% for those earning under EGP 200k a year and exempting those\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":648168,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/30\/government-earmarks-extra-egp-46-bn-for-social-security-spending-to-combat-price-increases\/","url_meta":{"origin":646644,"position":4},"title":"Government earmarks extra EGP 46 bn for social security spending to combat price increases","author":"enterpriseam admin","date":"30 May 2017","format":false,"excerpt":"The Ismail government has signed off on an EGP 46 bn social security package for FY2017-18, according to a statement from the Finance Ministry. The package includes a 15% increase in pensions at a cost to the state of EGP 20 bn in a bid to cushion pensioners from 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":645750,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/30\/stamp-tax-executive-regulations-income-tax-breaks-out-in-official-gazette\/","url_meta":{"origin":646644,"position":5},"title":"Stamp tax executive regulations, income tax breaks out in Official Gazette","author":"enterpriseam admin","date":"30 July 2017","format":false,"excerpt":"Stamp tax on EGX transactions, income tax cuts are now official: The amended executive regulations for the new stamp tax on capital market transactions were published in Wednesday\u2019s issue of the Official Gazette, AMAY said on Friday. The stamp tax \u2014 a 0.125% levy imposed on both sides of any\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/646644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=646644"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/646644\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/646636"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=646644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=646644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=646644"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=646644"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=646644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}