By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    CBE to issue $540m worth of dollar-denominated T-bills on Monday 
    CBE to issue $540m worth of dollar-denominated T-bills on Monday 
    June 4, 2023
    HDB targets 25% growth in profits, various activities by 2023-end: CEO
    HDB targets 25% growth in profits, various activities by 2023-end: CEO
    June 4, 2023
    Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
    Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
    June 4, 2023
    146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
    146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
    June 4, 2023
    Al Ahly Pharos tops brokerage ranking in May
    Al Ahly Pharos tops brokerage ranking in May
    June 4, 2023
  • Politics
    PoliticsShow More
    GERD, Sudan, and Libya crises top Al-Sisi and Mauritanian counterpart talks 
    GERD, Sudan, and Libya crises top Al-Sisi and Mauritanian counterpart talks 
    June 4, 2023
    Iranian, Saudi FMs meet on bilateral ties
    Iranian, Saudi FMs meet on bilateral ties
    June 4, 2023
    Egypt’s PM inspects service, development projects in Alexandria
    Egypt’s PM inspects service, development projects in Alexandria
    June 4, 2023
    FM Shoukry attends inauguration ceremony of Turkish President
    FM Shoukry attends inauguration ceremony of Turkish President
    June 3, 2023
    1 Egyptian security personnel, 3 Israeli soldiers were killed in border shooting
    1 Egyptian security personnel, 3 Israeli soldiers were killed in border shooting 
    June 3, 2023
  • Interviews
    InterviewsShow More
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    May 31, 2023
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Government widens exempted tranche of tax income
Share
Notification
Latest News
CBE to issue $540m worth of dollar-denominated T-bills on Monday 
CBE to issue $540m worth of dollar-denominated T-bills on Monday 
Business
GERD, Sudan, and Libya crises top Al-Sisi and Mauritanian counterpart talks 
GERD, Sudan, and Libya crises top Al-Sisi and Mauritanian counterpart talks 
Politics Egypt
HDB targets 25% growth in profits, various activities by 2023-end: CEO
HDB targets 25% growth in profits, various activities by 2023-end: CEO
Banking
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Banking
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
Banking
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Government widens exempted tranche of tax income
Business

Government widens exempted tranche of tax income

Doaa Farid
Last updated: 2015/08/20 at 9:00 PM
By Doaa Farid 2 Min Read
Share
Ministry of Finance is set to review the final draft of Egypt’s economic reform programme set to precede the acceptance of the country’s pending $4.8bn International Monetary Fund (IMF) loan. (Daily News Egypt)
(DNE File Photo)
SHARE

Egypt’s government has approved a decision to increase the exempted tranche of the income tax to EGP 6,500 instead of EGP 5,000 as monthly income. The decision is applied to both public and private sector employees.

Economic expert and advisor to the Minister of Planning Abdel Fattah El-Gebaly said the move will increase the net income of employees, noting that it curbs inflation on the long-term.

The Ministry of Finance is planning to increase tax revenues for fiscal year (FY) 2015-2016 to EGP 422bn, compared with EGP 364.2bn in FY 2014-2015, a growth rate of 16.8%. The ministry said it will undertake a comprehensive development of the taxation system, to include raising the efficiency and performance of tax-collection entities.

“This guarantees the state’s rights, as well as the society’s, and prevents tax evasion,” the ministry said.

The expected amount of tax revenues to be collected during FY 2014/2015 had increased to EGP 364bn compared to EGP 358bn in the preceding fiscal year, representing a 1.6% increase.

In May, however, Minister of Finance Hany Kadry Dimian said that taxes collected during the first nine months of FY 2014/2015 registered EGP 180bn. This was an increase of 20% compared to the corresponding period the previous year.

The government is hoping to collect EGP 549bn in budget revenues in the FY 2014/2015, compared to EGP 569bn in revenues in the previous fiscal year. However, the estimate of the current fiscal year’s expenditures is EGP 789bn. The budget deficit is expected to register EGP 240bn, which is equivalent to 10% of GDP.

You Might Also Like

CBE to issue $540m worth of dollar-denominated T-bills on Monday 

HDB targets 25% growth in profits, various activities by 2023-end: CEO

Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank

146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023

Al Ahly Pharos tops brokerage ranking in May

TAGGED: income tax, ministry of finance, Tax Revenues, wages
Share this Article
Facebook Twitter Email Print
Previous Article Government issues decree to establish General Authority of Economic Zone of Suez Canal
Next Article Chinese glut slows global smartphone sales
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

CBE to issue $540m worth of dollar-denominated T-bills on Monday 
CBE to issue $540m worth of dollar-denominated T-bills on Monday 
Business
GERD, Sudan, and Libya crises top Al-Sisi and Mauritanian counterpart talks 
GERD, Sudan, and Libya crises top Al-Sisi and Mauritanian counterpart talks 
Politics Egypt
HDB targets 25% growth in profits, various activities by 2023-end: CEO
HDB targets 25% growth in profits, various activities by 2023-end: CEO
Banking
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Banking
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?