Egypt to Implement Progressive Tax System to Address its Budget Deficit in the New Fiscal Year
Type
E-journal
Date
3 Jun 2011
Jurisdiction
Egypt
Taxonomy
Central Government, Finance & Taxation, General Tax Law
Copyright
LexisNexis
Analysis
Economic experts in Cairo say that there are very strong indicators that the government is moving to implement a progressive tax system at the beginning of July
The progressive tax would be applied for a maximum period of five years.
Tax brackets would not escalate by more than 5% each, with the maximum set at 25%.
In the past, Egypt has had a progressive tax regime of up to 40%.
The Egyptian Finance Minister said that a progressive tax system seeks to contribute to social justice. He also announced that the tax on corporate profits would be reduced to 20% from 40%.
For full story see: http://www.alarabiya.net/articles/2011/06/02/151522.html