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Market

Income tax law amendments aim to stimulate investment

Finance Minister Mohamed Maait said on Monday amendments to the income tax law, approved by the Cabinet and referred to the House of Representatives, aim to alleviate citizens’ suffering and stimulate investment in light of the crises that have affected the global economy, starting from the repercussions of the coronavirus till the unprecedented challenges posed by the Russian-Ukrainian war.

Maait, in a statement, noted that these amendments include raising the personal tax exemption limit from EGP 9,000 to EGP 15,000, bringing the total tax exemption limit to EGP 30,000 annually.

The amendments to the law included some reforms to revitalize the Egyptian Stock Exchange, as they include simplified accounting features for individual and institutional investors and not be subject to profits achieved during the period of tax suspension to ensure tax fairness as well as giving investors an additional set of tax incentives to support the capital market and increase the demand for trading, the minister pointed out.

These amendments also included the renewal of the law on ending tax disputes until December 31, 2022, in response to the business community, he added.

Source: State Information Service Egypt

Categories
Legal

Works Minister receives lawmaker

Manama, Minister of Works, Municipalities Affairs and Urban Planning, Eng. Essam bin Abdullah Khalaf, received member of the Representatives Council, Fatima Al Qatari, the representative of the second constituency in the Northern Governorate.

The meeting was attended by the ministry’s Undersecretary for Works Affairs, Eng. Ahmed Al Khayat, Northern Municipality Director General, Eng. Lamia Al Fadhala, and senior officials from the Ministry of Works, Municipalities Affairs and Urban Planning.

The minister praised the role of members of the legislative branch in serving the nation and citizens, stressing the importance of cooperation between the executive and legislative branches to serve the public interest.

The meeting spotlighted a number of issues related to the second constituency in the Northern Governorate and developing the services and municipal projects there.

Source: Bahrain News Agency