Egypt’s Minister of Finance assures no increase in tax rates

Egypt’s Minister of Finance assures no increase in tax rates

Finance Minister Mohamed Maait assured that there are no new burdens in Egypt’s tax policy strategy for 2024/2030, no increase in tax rates, and that the brackets are stable.

The Finance Ministry will not move a single step towards approving this document before holding a community dialogue, he said, stressing that there will be no prejudice to the commercial and industrial profits tax.

“We want the factories to operate, produce and provide job opportunities,” the minister said, assuring there will also be no prejudice to the income tax rate.

He added that tax exemption limit will be raised by 33 percent to reduce the burden on all state workers, including the private sector, on March 1.

Maait noted that the state’s public finances will witness a structural reform to approve the “general government budget” so that it includes the total revenues and expenditures of the state’s general budget, and the budgets of economic bodies.

With this legislative amendment to the unified public finance law, tax revenues will not exceed 35 percent of general government revenues estimated at five trillion pounds, Maait added.

During the annual tax conference of the PwC, the minister affirmed the consistency of the state’s public finances in a way reflected the balanced