Egypt raises tax on rich by 5%

May 10, 2014 11:12 am

Egypt’s finance ministry has said the cabinet has officially approved an income tax increase aimed at the country’s highest earning taxpayers, Ahram has reported. The 5% tax rate increase is to be applied temporarily and, according to the latest draft, for a period of three years on individuals whose annual income exceeds EGP1m. Currently, those earning above EGP250,000 a year are taxed at a rate of 25%.