Egypt : President Mansour signs law to raise income tax on millionaires for 3 years - Ahram Online
▻http://english.ahram.org.eg/News/103005.aspx
Egypt’s outgoing interim President Adly Mansour signed into law a decree adding a 5 percent tax for three years individuals with incomes in excess of LE1 million and on profits of companies in excess of the same amount, Al-Ahram’s Arabic news website reported.
In early May, the cabinet led by Prime Minister Ibrahim Mahleb approved the draft submitted by the finance ministry suggesting an additional 5 percent tax on those who earn more than LE1 million annually.
The 5 percent tax rate increase is to be applied temporarily for a period of three years.
Currently, those earning above LE250,000 a year are taxed at a rate of 25 percent.
The exceptional measure is designed to answer calls for social justice raised during Egypt’s 2011 revolution