Finance Minister affirms no changes to income tax rates or brackets

Daily News Egypt
2 Min Read

Mohamed Maait, Egypt’s Minister of Finance, has made it unequivocally clear that there will be no adjustments to income tax rates or brackets. This includes taxes related to commercial and industrial profits. He emphasized that legal measures will be taken against anyone spreading false information with the intent to cause confusion and harm national interests.

In an official statement issued by the Ministry of Finance, Maait clarified that tax revenue is projected to surge by over 30% during the fiscal years 2023/2024 and 2024/2025. This growth is expected due to several factors, including the implementation of digital systems, the expansion of the tax base, intensified efforts to combat tax evasion, the formal inclusion of the informal economy, and the collection of taxes from e-commerce transactions.

The Minister of Finance has urged both local and international media outlets to verify their information through reliable sources. He reiterated this stance during multiple meetings with the business community, emphasizing that there will be no changes to tax rates or brackets affecting commercial and industrial profits. This commitment aligns with the state’s objective of maintaining stable tax policies and creating an investment-friendly environment.

Furthermore, Maait highlighted the government’s focus on expanding the tax base by integrating the informal economy through the widespread adoption of electronic tax systems. These systems have already yielded increased tax revenues without imposing additional burdens on individuals or businesses.

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