Cairo – Mubasher: Egypt's tax revenues increased by 130% between January and March 2017, deputy finance minister for tax policies Amr El-Mounir said on Thursday.
The Ministry of Finance (MoF) aims to increase tax revenues to make up a good percentage of the GDP so that each citizen pays their fair share of taxes and the government takes its share of the revenues, the top official added in a statement.
There is a proposal before the Cabinet regarding the tax credit, he said, adding that through this tax credit, the government aims to increase the progressive tax.
We have categories starting from 10% for those whose income reach EGP 30,000, while their tax credit may reach 75%. Meanwhile, people with an income up to EGP 220,000 will have a tax of 22.5% and a tax credit of up to 40%, El-Mounir said.
No final decision or scenario has been reached, the MoF official said, but confirmed that the new system would benefit all segments of society as those with lower incomes will pay fewer taxes.
The MoF looks to increase its tax revenues by 1% every year, he added.
