Income Tax Law amendments address distortions in tax system: Finance Ministry

Income Tax Law amendments address distortions in tax system: Finance Ministry

Amendments will also see improved tax brackets and across the board tax savings for all social segments. Comments Off on Income Tax Law amendments address distortions in tax system: Finance Ministry. The Ministry of Finance has confirmed that new amendments to the Income Tax Law 26/2020, are progressively establishing tax justice pillars, improving tax brackets, and addressing distortions in the tax-deduction based system.. In a statement, the ministry clarified that each citizen subject to the salary tax can calculate their own income tax monthly and annually according to the attached table.. The table shows the percentage of tax savings compared to the current income tax law.. The tax for the salary range stands at 2.5%, with those from more than EGP 30,000 to EGP 45,000 will be subject to 10% tax instead of 15%.. Those with over EGP 200,000 to EGP 400,000 will pay 22.5%, and a new segment for higher-income has been introduced at 25%..