Egypt Decides on a Minimum Wage of 1200 Pounds and Imposes Taxes on Cigarettes and the Rich
Type
E-journal
Date
3 Jun 2011
Jurisdiction
Egypt
Taxonomy
Capital Gains Tax, Income Tax, Central Government, Business Taxes, Pay, Benefits & Tax
Copyright
LexisNexis
Analysis
The Egyptian government has announced new tax regulations in an effort to address the country's budget deficit and a minimum wage law to help alleviate poverty
The government is raising the income tax to 25% for those earning more than 10m Egyptian pounds annually.
The government is also imposing a 10% tax on capital gains and raising the income tax on the rich and financial companies by 5%.
Another new tax increases the sales tax on cigarettes by 10%.
At the same time, the government is implementing a minimum wage of 700 pounds per month, to increase to 1200 pounds within 5 years.
For full story see: http://www.alarabiya.net/articles/2011/06/01/151435.html