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Egypt tax revenues up 20% in April
- Egypt: Sunday, April 21 - 2013 at 05:53
Egyptian finance ministry has said annual income and sales tax revenues rose 20% to EGP145bn ($21bn) in mid-April 2013 over the same period a year earlier, Ahram has reported. The government is forecasting total income and sales tax revenues to reach some EGP222m in the current fiscal year which ends on 30 June 2013, according to the modified 2012/13 state budget. On 14 April, Egypt's Upper House of Parliament approved amendments to the income tax law, including taxing individuals whose annual income exceeds EGP5m at a rate of 30%, and raising the tax exemption limit to EGP12,000 in annual income from the previous EGP9,000.
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