Egypt – Parliament approves changes in tax law effective Mar 2024
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The Egyptian parliament on 22nd February 2024, in official gazette approved below changes in the income tax law no. 91 of 2005. These are effective from 1st March 2024.
Changes in tax table
The threshold for the tax-exempt bracket for annual income has been raised from EGP 30,000 to EGP 40,000. Consequently, the newly adjusted brackets are as follows.
| Tax Rate (%) | Not exceeding EGP 600,000 | Between EGP 600,000 and 700,000 | Between EGP 700,000 and 800,000 | Between EGP 800,000 and 900,000 | Between EGP 900,000 and 1,200,000 | Exceeding EGP 1,200,000 |
|---|---|---|---|---|---|---|
| 0 | 1 to 40,000 | - | - | - | - | - |
| 10 | Exceeding 40,000 to 55,000 | 1 to 55,000 | - | - | - | - |
| 15 | Exceeding 55,000 to 70,000 | Exceeding 55,000 to 70,000 | 1 to 70,000 | - | - | - |
| 20 | Exceeding 70,000 to 200,000 | Exceeding 70,000 to 200,000 | Exceeding 70,000 to 200,000 | 1 to 200,000 | - | - |
| 22.5 | Exceeding 200,000 to 400,000 | Exceeding 200,000 to 400,000 | Exceeding 200,000 to 400,000 | Exceeding 200,000 to 400,000 | 1 to 400,000 | - |
| 25 | Exceeding 400,000 | Exceeding 400,000 | Exceeding 400,000 | Exceeding 400,000 | Exceeding 400,000 | 1 to 1,200,000 |
| 27.5 | - | - | - | - | - | Exceeding 1,200,000 |
Changes in personal exemption limit
- The annual personal exemption limit has been changed from EGP 15,000 to EGP 20,000.
- The annual personal exemption limit for a person with disability or care giver for a person with disability has been amended as 1.5 times annual personal exemption. Hence, the limit of annual personal exemption in this case would be EGP 30,000.
Please contact your Mercans’ services delivery team for any additional information regarding the implications of the above change
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Egypt - Parliament approves changes in tax law effective Mar 2024
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