Egypt: Income Tax Rates, Thresholds Adjusted

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By Jared Mondschein

Aug. 28—The Egyptian personal income tax threshold has increased, the highest tax bracket threshold and rate decreased, Egyptian President Abdel Fattah el-Sisi announced Aug. 24 in Law No. 69 of 2015.

Under the presidential decree, which will become effective the day it is published in the official gazette, the new progressive personal income tax rates for the 2015-16 tax year include:

• no taxes on wages up to 6,500 pounds ($831),

• 10 percent on wages above 6,500 pounds and up to 30,000 pounds ($3,831),

• 15 percent on wages above 30,000 pounds and up to 45,000 pounds ($5,747),

• 20 percent on wages above 45,000 pounds and up to 200,000 pounds ($25,561) and

• 22 percent on wages above 200,000 pounds and an additional 5 percent tax on wages above 1 million pounds ($127,711).

 

The presidential decree amends provisions of the Income Tax Law No. 91 of 2005.

To contact the reporter on this story: Jared Mondschein at jmondschein@bna.com

To contact the editor responsible for this story: Molly Ward at mward@bna.com

Income Tax Law No. 91 of 2005 is available in English at http://www.mof.gov.eg/MOFGallerySource/english/IncomeTaxLaw.pdf.