Cairo – Mubasher: The Egyptian President Abdel Fattah El-Sisi has directed the government to raise income of employees in the public budget for fiscal year 2020/2021, the finance minister Mohamed Maait said.
The directions include raising the income tax exemption cap for employees to EGP 15,000 from EGP 8,000, Maait added during a press conference on Sunday.
In addition, all employees subject to the Civil Service Act will receive regular bonuses of 7% of the gross salary as of 30 June 2020, while other employees will obtain a bonus of 12% of their basic salaries as of 30 June 2020.
Moreover, the government will introduce a new tax bracket of 2.5% on those earning less than EGP 35,000 annually, down from 10%.
