Egypt Tax Update

Analysis

Egypt's Finance Minister, Al-Morsi Hegazy has announced the Shoura Council should be able to consider the tax reform bill by the end of the week, after the government has amended some articles, including proposing a corporation tax rate of 25%.

Hegazy added the upper income tax bracket could be increased from nine to 12 million Egyptian pounds.

Sales tax could increase from 2 to 5%, and more products could be taxed.

There could also be a new 0.001% stock market transactions tax and customs taxes will be increased for many imported products, but not industrial manufacturing materials, which will be taxed at a lower rate.

Those owning properties over 2 million Egyptian pounds could be exempted from paying real estate taxes from July 2013.

For full story see: Shura Council to deliberate tax reform draft law within 48 hours