In a bid to encourage local and foreign investment, Egypt has lowered the top tax rate for companies and individuals from 25% to 22.5%, but has lowered the threshold for the application of the top rate to incomes of E£200,000/year ($25,500) from E£250,000.
As part of the same move, Egypt has also suspended for two years a 10% tax on capital gains and abolishes the supplementary tax levied on individual incomes exceeding E£1mn introduced in 2014-15 (MEES, 13 June 2014). The amendment is intended to make the taxation system more progressive and to reduce the burden of taxation on low-income bracket Egyptians. (CONTINUED - 343 WORDS)
