Exemption on Annual Income Tax in Egypt Raised to EGP 36,000
The exemption has been raised from EGP 24,000 in order to ease the impact of the global economic crisis.
In order to ease the impact of the global economic crisis, the Ministry of Finance has increased the exemption on annual income tax from EGP 24,000 to EGP 36,000.
The decision was made during a meeting between President Abdel Fattah El-Sisi, Prime Minister Mostafa Madbouly, and Minister of Finance Mohamed Maait. The meeting also covered the final indicators of the draft budget, which takes into account the significant increase in food and energy prices. The budget aims to see the GDP increase by 5%, with revenues growing by 31%, or more than EGP 2 trillion.
The move follows a series of decisions to help Egyptian citizens manage the global economic crisis earlier this month, such as raising the minimum wage from EGP 2,700 to EGP 3,500 and raising pensions by 15%.
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