Egyptian cabinet debates tax amendment proposal

Published June 25th, 2001 - 02:00 GMT

The Egyptian ministry of treasury has brought before the cabinet a new tax amendment proposal, which would decrease tax rates in certain business sectors from 40 to 25 percent, and lower the cut-off point for tax exemption from 25 to 10 percent.  


If ultimately passed by the cabinet, the proposal will move to parliament for final approval, according to Al-Ittihad daily.  


Under the new tax plan, the non-official private sector, which currently does not pay taxes at all, would be given tax breaks not offered to other sectors. Investments in the non-official private sector are valued at 70 billion Egyptian pounds ($18 billion). ― (MENA Report)

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