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)
© 2001 Mena Report (www.menareport.com)
