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Egypt to impose 5% supplementary tax on more companies

Egypt has extended a 5% supplementary tax to include companies, as well as wealthy individuals, as the country seeks ways to boost flagging state revenues under a new president, Reuters has reported. The official gazette said the tax would also be imposed on some companies, which officials had initially said were exempt. The former chairman of the Financial Supervisory Authority Ashraf el-Sharkawi, said corporations that earn less than EGP10m annually would be taxed at 25% instead of the current 20%. Firms making in excess of EGP10m would be taxed 30% instead of 25%, he said.