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Egypt’s President Abdel Fattah al-Sisi is expected to ratify today the 5% income tax increase aimed at the country’s highest earning taxpayers, said Industry and Trade Minister Mounir Fakhry Abdel Nour.
The 5% tax rate increase is to be applied temporarily, and for a period of three years on individuals whose annual income exceeds EGP 1 million.
The Egyptian minister expected that the tax hike shall boost state revenues by EGP 3 billion a year.
