Sat, 01 Aug 2020 - 09:43 GMT
FILE PHOTO: Egypt's Finance Minister Mohamed Maait gestures during a news conference in Cairo, Egypt July 17, 2019. REUTERS/Amr Abdallah Dalsh/File Photo
CAIRO, Aug 1 (MENA) - Finance Minister Mohamed Maait underlined the importance of precisely putting into effect amendments to the law of tax on income.
He said this will contribute to promoting justice with regard to taxes as tax slices would alleviated burdens on people.
The tax exemption limit rose by 60%, as the exemptions of each financier were raised from EGP 8,000 to EGP 15,000.
Those whose annual salary income stands at about EGP 24,000 will be exempted from taxes.
He noted that the Egyptian Tax Authority issued a periodical booklet to contribute to the precise implementation of the tax on income in line with the new amendments.
Chairman of the Tax Authority Reda Abdel Qader said a new social category was forged for low-income people whose net annual income ranges between EGP 15,000 to 30,000.