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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