Egypt says new income tax not to exceed 25%
- Egypt: Tuesday, January 29 - 2013 at 05:34
Egyptian deputy finance minister Osama Tawakol has said the government is not planning to raise its top income tax bracket rate above 25%, Ahram has reported. Tawakol also denied rumours that a 35% tax will be imposed on individuals with a yearly income over EGP25m. President Mohamed Mursi announced in December sweeping increases in sales taxes and stamp duties on a wide range of consumer goods and services and amendments to the country's income and property tax laws. The new taxes were included in the cabinet's economic reform programme that is attached to a $4.8bn loan Egypt is currently negotiating with the International Monetary Fund.
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