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Egypt to tax citizens, businesses on income earned abroad

Egypt has ratified last week amendments which will tax revenues earned abroad by individuals and companies centred in Egypt, in the latest of a series of unprecedented measures designed to replenish the state’s depleted coffers after over three years of political turmoil, Ahram has reported. The new amendments to increase revenues and rein in budget deficit in the fiscal year 2014/15 that starts July 1, as per the new budget approved by president Abdel-Fattah El-Sisi last Sunday. In the 2014/15 budget announced earlier this week, the government expects tax revenues from corporations to increase by EGP11bn ($1.57bn) to reach EGP48bn ($6.8bn).